- The UK’s legislation for marketing cryptoassets in the UK, with criminal liability as a penalty, will be enforced starting October 8, 2023.
- The new regulations apply to all businesses marketing cryptoassets to UK customers regardless of whether the firm is based outside the UK.
- The FCA, responsible for regulation and enforcement, has published a policy statement indicating that it plans to come down hard on noncompliant actors.
- In limited circumstances, extensions to allow more time for firms to implement changes can be applied for as described in the FCA’s September 7 press release.
- The new regulations place strict rules around financial promotion, the definition of which is broad and applies to a wide range of communications made by a business including its website, mobile apps, social media posts and online advertising.
This article is not tax, investment, or legal advice and individuals should seek a licensed professional for questions regarding their obligations in relation to the topics discussed herein. At Bull Blockchain Law, we specialize in legal matters related to the emerging blockchain industry. If you have any questions do not hesitate to contact us at info@bullblockchainlaw.com.