“New Crypto Ad Rules: Mandatory 24-Hour Cooling-Off Period Introduced”

British consumers who purchase crypto assets from October 1st will be entitled to a mandatory 24-hour “cooling-off” period, to strengthen consumer protections. As a consequence, consumers will have a better chance of avoiding cryptocurrency scams. 

Reuters reports that the Financial Conduct Authority (FCA) has imposed updated marketing rules based on concerns raised regarding the lack of direct regulation of crypto assets such as bitcoin on a global scale, as a result of concerns raised about the lack of direct regulation. 

There will be a delay in the process of completing the transaction for new investors. Up to ten out of every ten adults in the UK own at least one form of cryptocurrency, according to government estimates. 

There could be serious consequences for owners of companies who fail to comply with the regulation, such as jail time, fines, or both. 

Specifically, the FCA’s updated guidelines will eliminate “refer a friend” bonuses for crypto buyers, as well as require promoters to provide clear risk warnings and ensure that advertisements related to crypto assets are transparent, fair, and cannot mislead prospective buyers. 

The FCA wo

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