Crypto bosses could face up to two years' imprisonment if they fail to comply with the new rules.
Crypto companies must offer customers a 24-hour "cooling-off period" in sweeping changes to how the digital assets can be marketed in the UK.The government estimates up to one out of every 10 of UK adults now owns some form of crypto."Refer a friend" adverts will be banned , while others must be "clear, fair and not misleading".
The rules, set to take effect from 8 October, will apply to the broad spectrum of so-called crypto-assets such as non-fungible tokens and digital currencies such as Bitcoin.Last month, a committee of MPs said the characteristics of cryptocurrency "". And gambling-helpline charity GamCare told BBC News it had, in the previous two years, heard from more than 300 people struggling with investing in cryptocurrency and other forms of online financial markets.
The Financial Conduct Authority is introducing the changes, after the government legislated to give it authority over how the digital assets are promoted. The rules will apply to all companies marketing crypto in the UK. And the FCA will "take robust action" against those that break the rules, including taking their websites offline.Consumers and competition executive director Sheldon Mills said its research showed "many regret making a hasty decision"."Our rules give people the time and the right risk warnings to make an informed choice."Those who invest should be prepared to lose all their money.
"We will be working with our members to respond to the consultation with recommendations to help ensure this outcome."
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