UK Financial Regulator Seeks Comments on Ad Approval Process That Covers Crypto – Yahoo Finance

Crypto companies are likely to find it harder and more expensive to get their promotional materials approved in the U.K. if proposals put forward by the country’s financial regulator are accepted.
The Financial Conduct Authority has proposed limiting the number of firms that are able to approve marketing communications by taking away the authority of companies authorized under the Financial Services and Markets Act 2000 and requiring an additional level of authorization to allow the FCA to monitor firms more closely.
The FCA published its proposals in a "consultation" paper as it kicked off a two-month consultation period, during which interested parties can weigh in on the proposals, on Tuesday. The deadline for responses is Feb. 7.
“Historically, we have seen too many noncompliant promotions being approved and then communicated by unauthorized firms to retail consumers,” the FCA stated in the consultation document.
Crypto companies would be hit by any regulatory change resulting from the consultation if the Financial Services and Markets Bill that is now in Parliament becomes law in its current form. Recent amendments to the bill require crypto businesses’ ads to be approved by an FCA-authorized firm, and that could produce a bottleneck.
The number of applications “with sufficient competence and expertise to approve crypto asset financial promotions will be limited at first,” the FCA said. It expects the number to increase over time.
Read more: Proposed UK Rules Will Make Advertising Crypto a Lot Harder, Industry Warns
The Treasury is also expected to publish a consultation paper in the coming weeks on how it plans to regulate the crypto industry. That is expected to give the FCA more guidance on how crypto will fit in with its rules about ads.
The FCA is consulting on whether a company that wants to be allowed to approve promotions should be checked for having “adequate systems, controls and processes in place” and whether it is able to maintain the records of the financial promotions it wants to oversee. Among other things, it would have to assess the viability of the financial product being promoted.
The FCA may also require that approving firms report twice a year on their approval activity. They may also have to notify the regulator when they approve, amend or withdraw the approval of a financial promotion within seven days of doing so.
"These proposals will ensure those approving ads have the appropriate expertise and are held accountable for the promotions they sign off," Sarah Pritchard, executive director of markets at the FCA, said in a statement.
Arthur Hayes has been many things to crypto over the years: a builder, a showman and a criminal. This year, as the industry collapsed, he’s been a wise commentator for the inexperienced and perplexed. That’s why he is one of CoinDesk’s Most Influential 2022.
CRYPTO UPDATE The largest cryptocurrencies were mixed during morning trading on Tuesday, with Cardano (ADAUSD) seeing the biggest move, shedding 1.10% to 32 cents. Bitcoin Cash (BCHUSD) lead the increases with a 0.
ConsenSys clarified its data sharing practices and said it will rebuild MetaMaks’ settings page to address user concerns.
Shares of Silvergate Capital, the go-to bank for the crypto market, kept tumbling Tuesday, continuing a selloff that has obliterated most of its market value this year. + The firm’s chief executive officer Alan Lane said in a regulatory filing Monday that the bank “conducted extensive due diligence on FTX and Alameda Research” when accepting deposits from them. + Mr. Lane also assured investors that the firm has strong finances and enough liquidity to meet customer withdrawals. Read [the full le
The Federal Trade Commission's newly announced campaign against misleading crypto ads comes almost a year after the U.K. and Singapore launched tough crackdowns.
Policymakers from the world’s major jurisdictions want a crypto rulebook
Ledger, a security-focused firm that sells crypto hardware wallets, has partnered with the designer behind the iPod, Tony Fadell, in hopes of creating an easier, more accessible way for users to secure their crypto assets. Crypto hardware wallets have gained traction in recent weeks, thanks to users wanting to self-custody their digital assets after industry-changing events like crypto exchange FTX exploding and halting customers from withdrawing their assets. Ledger’s chief experience officer, Ian Rogers, said the company had its biggest sales day ever, which ended its biggest sales week ever, in mid-November after FTX collapsed, which signals the demand for hardware crypto wallets is rising.
A U.S. agency that probes allegations of deceptive conduct confirmed on Monday that it had investigations open into several cryptocurrency firms for "possible misconduct." The Federal Trade Commission spokesperson declined to name the firms or say precisely what actions prompted the investigations. "While we can't comment on current events in the crypto markets or the details of any ongoing investigations, we are investigating several firms for possible misconduct concerning digital assets," the spokesperson said in a statement.
All signs indicate India’s powerful finance minister disdains cryptocurrencies, and now she is setting the G-20 agenda for how the world's economic powers will regulate it. That’s why Nirmala Sitharaman is one of CoinDesk’s Most Influential 2022.
Shares of Bank of America (NYSE: BAC) were down on Tuesday, falling as much as 6% during the trading day. As of 2:45 p.m. ET, Bank of America was down 5.5%, trading at $32.58. The major indexes were all down on Tuesday, led by the Nasdaq Composite, which was down 258 points, or 2.3%, while the Dow Jones Industrial Average was down 498 points, or 1.5%, and the S&P 500 was off 77 points, or 1.9%, as of 2:45 p.m. ET.
The 2008 financial crisis, one of the biggest financial debacles in history, made Michael Burry a legend. It made him one of the examples to follow in defiance of standard practices in financial circles.
Binance CEO CZ is speaking out against SBF after FTX’s collapse and arguing he had nothing to do with his rival’s downfall.
The first fast-paced company with serious upside is hydrogen fuel-cell solution provider Plug Power (NASDAQ: PLUG). According to analyst Amit Dayal of H.C. Wainwright, Plug Power can reach $78. For those of you keeping score at home, this would work out to a near-quintupling in the company's share price in 2023.
Even a dour outlook for the broader stock market couldn't outweigh good news for these companies.
The layoffs and cost-cutting that Intel Corp. executives recently warned about have begun in California, with a couple of hundred employees set to lose their jobs next month, and manufacturing employees worldwide being offered unpaid leave.
Have an issue with your financial adviser or looking for a new one? Email questions and concerns to
Textron stock soared Tuesday after the defense company won a contract worth up to $80 billion to build a new helicopter for the Army. The Army is turning to Textron (ticker: TXT) subsidiary Bell Helicopter for a new long-range assault helicopter—the Bell V-280 Valor—that will replace the service’s 40-plus-year-old UH-60 Black Hawk. Textron beat a joint bid from Lockheed Martin (LMT) and Boeing (BA).
NRG Energy (NYSE: NRG) has agreed to acquire Vivint Smart Home (NYSE: VVNT) in a deal that values the target at $5.2 billion, including debt. NRG CEO Mauricio Gutierrez in a statement called the acquisition "a transformational step in achieving our vision" to be at the leading edge of high-tech solutions for homes and businesses. The deal is a positive outcome for the special purpose acquisition company (SPAC) market.
While NIO and Li Auto (LI) hit monthly-record deliveries in November, XPeng (XPEV) sees a sharp fall in deliveries on a yearly basis.
In this article, we discuss 12 very high-yield dividend stocks to buy now. You can skip our detailed analysis of high-dividend stocks and their performance, and go directly to read 5 Very High-Yield Dividend Stocks To Buy Now. The soaring inflation and consistent interest rates hike have analysts worried about a full-blown recession in the […]



Learn More →

Leave a Reply

Your email address will not be published. Required fields are marked *