Marketing Of Cryptoassets – UK's Financial Conduct Authority Issues 'Final Warning'

Regardless of whether you are in the UK, or the type of technology you use, companies marketing 'qualifying cryptoassets' to customers in the UK will need to comply with the financial promotions regime of the Financial Conduct Authority (FCA), the UK's financial regulator. These measures will have a significant impact on how cryptoasset businesses, globally, market their products to customers in the UK, particularly crypto businesses which are not registered with the FCA.

We published a Cooley client alert summarising the regime in March 2023.

The FCA has now published a 'final warning' reminding companies promoting cryptoassets to UK consumers that they must get ready for the regime. The letter notes that the FCA has had constructive and productive conversations with some firms about how they can meet the requirements of the regime, but also mentions poor engagement from many unregistered, overseas cryptoasset firms with UK customers.