Released on July 17, the FCA’s guidance is aimed at “financial agents” promoting digital assets through advertising memes. Officials suggest that marketers may not be aware that advertising memes are subject to regulatory rules.
The FCA emphasizes: any form of communication related to cryptoassets could be considered financial advertising by the regulator. As the FCA considers cryptocurrencies to be a high-risk investment, the activity of distributing promotional memes must comply with certain requirements, such as the inclusion of warnings about potential losses and a prohibition on incentivizing investments.
Earlier, the U.K. Financial Services Authority said that since the beginning of the year, the agency has cracked down on the operators of 26 illegal crypto machines that were operating without the proper permits and licenses.