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Home»Regulation»FCA requires ‘risk warnings’ on crypto as UK tightens regulations
FCA to require ‘risk warnings’ on crypto as UK tightens regulation
Regulation

FCA requires ‘risk warnings’ on crypto as UK tightens regulations

2023-06-08No Comments2 Mins Read
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The UK’s Financial Conduct Authority (FCA) has announced that from October 1 crypto will be classified as “restricted mass market investments”, a category reserved for higher risk investment products.

Under the new designation, advertisers and crypto companies face a series of requirements, including promotional materials with “clear risk warnings”, a ban on incentives such as referrals and bonuses for new members, and the implementation of a 24-hour cooling-off period.

FCA examples of risk warnings include notifications not to expect protection if something goes wrong and “[be] willing to lose all the money you invest.”

The FCA’s executive director of consumer and competition, Sheldon Mills, told The Guardian that investors need to understand that cryptocurrency is a largely unregulated industry, meaning there is no safety net if something goes wrong. He added:

“It is up to people to decide whether to buy crypto. But research shows that many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice.”

Figures from the FCA showed that estimates of UK crypto ownership more than doubled between 2021 and 2022, with 10% of respondents saying they own cryptocurrency.

But crypto-crime is also on the rise. The FCA reported that there were 1,619 scam cases in 2019, rising to 6,372 in 2021, representing a nearly 300% increase in the number of cases.

UK crypto regulation is coming

The Financial Services and Markets Act is approaching its final phase of law. It represents a significant shake-up of financial law, giving the FCA and the Prudential Regulation Authority (PRA) more authority to govern the financial sector, including the crypto industry.

See also  SEC Allocates 'Highly Disproportionate' Amount of Resources to Crypto, Says Attorney Jake Chervinsky

An important part of the bill is the inclusion of crypto within the UK regulatory framework. While it appears that the FCA is taking a cautious approach to digital assets, Rohit Bhosale, Digital Bank Specialist at Persistent Systems, said the bill was “a big step forward”. He added:

“With this development, I see more and more people venturing into the crypto space.”

Violating the FCA’s “restricted mass market investment” rules can result in a two-year prison sentence and a fine.

The post FCA to require ‘risk warnings’ on crypto as UK tightens regulations appeared first on CryptoSlate.

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