The UK Financial Conduct Authority (FCA) is looking to modernize regulations surrounding financial promotions on social media. The updated guidance aims to offer better protection to consumers against illegal and non-compliant ads, especially those related to cryptocurrencies. Collaborating with the Advertising Standards Authority, the FCA will introduce measures, such as banning "refer a friend" bonuses and requiring firms to provide clear risk warnings. Also, a 24-hour cooling-off period will be mandatory to allow first-time investors to make informed decisions. This initiative is part of the FCA's Consumer Investments Strategy, which aims to reduce retail consumers' investments in high-risk assets by 2025.🌐💼✍️📈🔍