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UK regulator emits 146 alerts on first day of new crypto promotions regime

Press Releases Crypto News CryptoDaily UK UK regulator emits 146 alerts on first day of new crypto promotions regime

The Financial Conduct Authority (FCA) got busy as soon as the crypto marketing regime came into force. 146 alerts were issued on the first day.

New Promotions Regime

The UK is a country that is looking to welcome crypto companies to its shores. However, these companies will need to comply with very stringent regulations, and the new crypto asset promotions regime acts as a warning to the public and all businesses of illegal promotions in the crypto sector.

According to a report published on the Financial Conduct Authority’s own website, consumers should check its new “Warning List” before making any crypto investments. The FCA advisory report stated:

“The list will help consumers understand where firms’ promotions may be breaking the law and to consider the promotion with the full information available.”

The FCA added in its report that the List would be updated as time went on, but that it had decided to adopt a “risk-based approach” so that crypto companies that the agency deemed to be high risk would go on to the list first, and other companies would be added if they were not complying with the Regime, and also if they were not engaging “constructively” with the regulator.

Routes to compliance

In the “Further Information” section of the advisory report, the FCA laid down 4 possible routes that crypto companies could use in order to promote crypto. There are:

1. An authorised person communicates the promotion.
2. An authorised person approves the promotion.
3. A crypto firm registered under the Money Laundering Regulations (MLR) communicates the promotion.
4. The promotion otherwise complies with the conditions of an e

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Author: Laurie Dunn

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