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Cryptoassets and the UK financial promotion regime
Following a consultation issued in July 2020 the UK government has announced that it has confirmed its intention to legislate to bring certain cryptoassets into the scope of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) SI 2005/1529. The FPO sets out a list of controlled investments that are captured by the financial promotion restriction contained in s 21 of the Financial Services and Markets Act 2000 (FSMA 2000) and controlled activities that apply to these investments. As a result of the announcement the promotion of “qualifying cryptoassets” will be subject to FCA rules in line with the same high standards that other financial promotions such as stocks shares and insurance products are held to.
The government will therefore legislate to include “qualifying cryptoassets” to the list of controlled investments in the FPO....
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