Crypto companies are likely to find it harder and more expensive to get their promotional materials approved in the U.K. if proposals put forward by the country’s financial regulator are accepted., suggests limiting the number of firms able to approve marketing communications. It would withdraw approval authority from companies authorized under the Financial Services and Markets Act 2000 and require an additional level of authorization to allow the FCA to monitor this activity more closely.
“Historically, we have seen too many non-compliant promotions being approved and then communicated by unauthorized firms to retail consumers,” the consultation said. Crypto companies will be hit by any regulatory change resulting from the consultation if the Financial Services and Markets Bill that’s working its way through Parliament becomes law in its current form. Recentwould require crypto businesses’ ads to be approved by an FCA authorized firm, and that could produce a bottleneck.
The number of applications “with sufficient competence and expertise to approve crypto asset financial promotions will be limited at first,” the consultation said. It expects the number to grow over time.
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