An amendment proposed to the Financial Services and Markets Bill would allow cryptocompanies that are already registered with the FCA to independently approve their own advertising.
Passage of the amendment would allow UK supervisors, the Financial Conduct Authority (FCA) and the country’s crypto market participants to resolve the legislative conflict.
The current version of the Financial Services and Markets Act requires that all advertising activity by cryptocurrency companies be specifically approved by a special staff of qualified professionals.
At the same time, regulators can not articulate the order and personalities of those who exactly should approve the advertising of digital assets.
That is, most crypto firms have been unable to communicate their promotions, unlike firms that provide traditional financial services.
To take advantage of the new amendment to the law, virtual digital asset providers will be required to apply for registration with the FCA and be licensed under the anti-money laundering regime.
According to the U.K. Treasury, the amendment should take effect in about four months, giving cryptocurrency companies time to make the necessary adjustments.
Earlier, Sarah Pritchard, executive director of the U.K. Financial Conduct Authority (FCA), said cryptocurrencies have evolved from “rebellious instruments” into a common asset class.