Treasury has come with a plan on how crypto services must advertise their platforms.
The UK government wants to control the ads that mislead crypto and bitcoin services.
Her Majesty today has put forward a plan that tries to regulate crypto advertising in the UK to regulate the companies that promote in the UK.
Back in 2018, the government laid out the issue in a July 2018 report: “Adverts often overstate benefits and rarely warn of volatility risks, the fact consumers can both grow and lose their investment, and the lack of regulation.”
The number of people who use cryptocurrencies has grown to 2.6 million compared from the last year where only 1.5 people have declared investment on crypto and blockchain. This was a flag for the government to set up some new rules about advertisements as they want to protect their people.
New rules tend to filter all companies who want to promote in the UK by filtering them through FCA.
Majesty’s Treasury has opened up its proposal to public consultation; interested parties have until October 26 time to complain and give suggestions.