UK Authorities May Soon Come for Crypto Memes
Adekunle Joshua
The Financial Conduct Authority (FCA) aims to modernize rules on online financial promotions to better enforce compliance on social media
The FCA's latest guidance from 2015 doesn't even mention crypto. Now they're consulting on whether to bring crypto memes under UK rules
Any communication, even memes, could be considered a financial promotion subject to S21 law
FCA says promotions featuring memes are "particularly prevalent" in the crypto space
Restrictions might extend to Twitter, Reddit, Telegram, and other platforms
By providing clear meme guidelines, they aim to keep firms on the right side of the rules when marketing financial products online
Lucy Castledine, the FCA's director of consumer investments, stated they'll take action against those promoting products illegally
Compliance with the new advertising rules by Oct. 8 is crucial for crypto firms or risk imprisonment and unlimited fines