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Gold Level Contributor
UK Government Moving to Restrict Cryptocurrency Promotions

Image: Shutterstock

The U.K. government is looking to increase oversight into cryptocurrency promotions in order to protect investors.

HM Treasury said Monday it was looking to clamp down on "misleading and inadequate promotions" that endangered retail investors.

Brought forward by John Glen, the City Minister responsible for the U.K.'s financial services sector, the proposals, published Monday, call for companies to pass through a "regulatory gateway" before being approved to promote cryptocurrency products.

This follows a 2018 report from the government's "Cryptoassets Taskforce," which said misleading advertisements and promotions for cryptocurrency products was a key investor protection issue.

Under the proposals, the Financial Conduct Authority (FCA) would become the body responsible for overseeing digital asset promotions.

Any firm looking to approve the financial promotions from unauthorized firms would first need to have the consent of the FCA.

In a statement, Glen said existing regulation had failed to keep up with the expanding number of products coming to market.

He added the proposals would bring crypto product promotions up to the same levels as those for other asset-classes.

The proposals are currently in the consultation phase, which will continue until October 25.

Originally published by
Paddy Baker | July 20, 2020
Coindesk

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