The financial regulator is trying to bring companies offering crypto services into line with requirements that came into force in October.
The Financial Conduct Authority (FCA), the United Kingdom’s financial regulator, has released another round of guidance for crypto firms that advertise crypto services. The FCA introduced regulations on cryptocurrency promotion in October 2023 and has been helping the industry comply with them ever since.
The regulator examined how companies were implementing the requirements for promoting crypto services. It selected companies subject to the requirements, requested information from them and visited them.
The FCA wanted to know how companies were doing with the 24-hour cooling-off period, personalized risk warnings, client categorization, assessing the appropriateness of the investment, recordkeeping and due diligence of crypto assets. It divided its findings into good and poor practices.
