UK Financial Watchdog May Allow Crypto Firms Until January 2024 for Marketing Compliance

The Financial Conduct Authority (FCA) in the United Kingdom has reiterated its warning to all crypto asset firms targeting users in the country, emphasizing the need for compliance with new regulations set to take effect in October 2023. However, the FCA also indicated that companies might be granted additional time to implement specific changes.

In a notice issued on September 7, the FCA informed crypto firms operating in the U.K. that they could have until January 8, 2024, to address technical aspects of the financial promotions regime, if they receive the requisite approval. The regulatory body had previously announced these rules in June, which are intended to limit aggressive marketing practices by crypto firms. The new guidelines require companies to ensure that their advertisements are “clear, fair, and not misleading,” with noncompliance potentially leading to criminal charges.