The Financial Conduct Authority (FCA) has urged crypto-asset firms marketing to UK consumers to get ready for the financial promotions regime.
The recent policy statement set out the government’s intention to introduce a bespoke exemption in the Financial Promotion Order for crypto-asset businesses registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
This exemption will enable crypto-asset businesses which are registered with the FCA under the MLRs, but who are not otherwise authorised persons, to communicate their own crypto-asset financial promotions to UK consumers.
When the regime comes into force – subject to parliamentary approval -- there will be four routes to communicating crypto-asset promotions to UK consumers.
Promotions must either be communicated to UK consumers by an FCA-authorised person; an unauthorised person but one that I approved by an authorised FCA person; a promotion that is communicated by a crypto-asset business registered under the MLRs with the FCA or a promotion must otherwise comply with the conditions of an exemption in the Financial Promotion Order.
The FCA said that promotions that are not made using one of these routes will be in breach of section 21 of the Financial Services and Markets Act 2000 which is a criminal offence punishable by up to two years imprisonment.
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