FCA To Control Cryptocurrency Promotions For First Time

Law360, London (July 20, 2020, 4:35 PM BST) -- The Financial Conduct Authority will be handed power to regulate the promotion of some crypto-currencies for the first time, under proposals set out by the British government on Monday aimed at stamping out misleading advertising.

HM Treasury said it is proposing to give the FCA greater oversight of advertisements issued by unauthorized companies, including those that promote crypto-assets such as Bitcoin.

Finance companies that are not regulated by the City watchdog must have their adverts approved by any finance company that is authorized before they can promote a financial product. But the government said it does not believe that this provides sufficiently...

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