ASA Crypto Crackdown – Is It Regulation By The Back Door?

What do pizza chains, football clubs and crypto trading platforms all have in common? They have all been reprimanded by the Advertising Standards Authority (ASA) for advertisements relating to crypto assets.

They are by no means alone. Even before the market volatility we have seen in recent months, the ASA has been looking hard at the crypto economy, including the companies, celebrities and influencers that endorse them.

Indeed, back in November last year the ASA classified crypto advertising as a 'red alert' priority issue.

The underlying issue here is that, for the most part, cryptoassets are unregulated in the UK.

The government announced in January 2022 that it would be strengthening the rules on misleading crypto ads, with the majority of such ads set to be brought into the scope of the Financial Promotion Regime and under the watchful eye of the Financial Conduct Authority (FCA), which wields more power to sanction non-compliance than the ASA.