The UK's financial regulatory authority has issued new rules for cryptocurrency promotions, with violators facing up to 2 years in prison

ChainCatcher news, according to TheBlock, the UK's Financial Conduct Authority (FCA) has sent a letter to companies marketing crypto assets in the UK, requiring them to comply with the upcoming financial promotion regime. This order takes effect on October 8 and includes overseas companies promoting products to UK customers.

The FCA outlined the requirements for promoting crypto assets in the UK, which include four legitimate methods: a licensed person conveying promotional messages; an unlicensed person conveying promotional messages but with approval from a licensed person; a crypto asset business registered with the FCA conveying promotional messages; or the promotion meeting other exemption criteria under the Financial Promotions Order.

Promotions not using one of these avenues will be considered a violation of Section 21 of the Financial Services and Markets Act 2000 (FSMA), which is a criminal offense punishable by up to 2 years in prison, unlimited fines, or both. (Source link)