Three years ago, the UK Financial Conduct Authority (FCA) forced local and foreign crypto companies to register and comply with the Money Laundering Regulations (MLR). The regulator will soon tighten its policy on digital currency advertising.

What is known

FCA announced the introduction of new rules. They have not yet been published, but the regulator is warning companies to be prepared for stiff penalties for non-compliance.

Cryptocurrency-related firms now need to register to advertise their products. There is also an alternative way to comply with the rules. It involves the promotion of cryptocurrency products through FCA representatives.

The FDA will consider ads that do not meet the requirements as violating the Financial Services and Markets Act (FSMA). This is punishable by up to two years in prison.

Source: FCA