The United Kingdom Introduces New Rules For Marketing Cryptoassets

The UK's Financial Conduct Authority ("FCA") has introduced robust new rules for those marketing cryptoassets to UK consumers. In Policy Statement PS23/6, new requirements covering financial promotions for all firms aimed at UK consumers, regardless of where the promoter is based or what technology they use, designate cryptoassets as "Restricted Mass Market Investments." This means invitations or inducements to engage in investment activities in relation to "qualifying cryptoassets"will be subject to the restrictions outlined below. Broadly, a qualifying cryptoasset is any cryptographically secured digital representation of value or contractual rights that is transferable and fungible but does not include e-money (as defined), nor an existing controlled investment.