According to Cointelegraph, the UK Financial Conduct Authority (FCA) announced that all crypto asset companies marketing to users in the country must comply with its financial promotions regime by October 2023.
In a July 4 letter, the FCA said that starting October 8, firms operating in the UK will have only four legal ways to promote crypto assets in order to comply with the FCA’s regime. These legal pathways include having an authorized person approve or communicate the promotion, having the promotion created by a business registered with the FCA, or having the promotion qualify as an exemption under the UK Financial Services and Markets Act.
According to the FCA, promotional activity includes "websites, mobile applications, social media posts and online advertising" that are "capable of having an impact in the UK" and is not limited to companies headquartered in the UK. Jayson Probin, head of crypto financial outreach at the FCA, said in a LinkedIn post on July 4 that companies that fail to comply could be subject to criminal charges.