On 8 October 2023, the much-heralded changes to the regulation
of advertising of cryptoassets came into force.
The FCA is now responsible for regulating technical claims in
advertising for cryptoassets, although the ASA will still be
responsible for other aspects under the CAP Code, such as matters
relating to offence, social responsibility, superiority claims,
fear and distress, denigration and other claims that do not relate
to specific characteristics of the product.
The FCA has taken over the regulation of ads for
"qualifying cryptoassets" – cryptoassets that are
transferable and fungible, including cryptocurrencies and utility
(fan) tokens – and introducing new rules. The rules apply to all firms
marketing qualifying cryptoassets to UK consumers, regardless of
which country they are based in, or the technology used. However,
cryptoassets as a product remain unregulated.
