- The new rule will come into effect on October 8
- There will also be a number of other restrictions.
Great Britain toughens rules for advertisers of crypto services. This news came from the Financial Conduct Authority (FCA).
The British regulator introduces a cooling-off period for novice investors. This is the period during which the client can refuse to purchase an asset / service, return it to the seller and receive a refund of the money paid. It is not yet clear how long the “cooling-off period” and other details will last.
Firms in the crypto sector will also be banned from advertising refer-a-friend bonuses.
“People decide for themselves whether to buy cryptocurrency. But research shows that many regret making hasty decisions. Our rules give people time and the right risk warnings to make informed choices.” the regulator explains its position.
The FCA is also working on additional rules in crypto advertising. Therefore, the list of bans can be supplemented. All interested parties can send their wishes to the department until August 10. As we have already said, the new law will fully work from October.
In August 2022, the FCA was already stepping up its oversight of advertising for high-risk investment products. But they did not concern cryptocurrencies, since at that time the Financial Supervisory Authority did not have the right to regulate this industry. Now the politicians have changed the law and put more power in the hands of the FCA.