FG23/3: Finalised non-handbook Guidance on cryptoasset financial promotions

Read FG23/3 (PDF)[1] 

Why we are issuing this Guidance

Financial promotions should be fair, clear and not misleading. This Guidance sets out our views on how firms may approach ensuring that financial promotions for qualifying cryptoassets comply with our rules in PS23/6[2].

The Guidance does not create new obligations for firms. The Guidance relates to firms existing regulatory obligations.

The Guidance applies to all qualifying cryptoassets and focuses particularly on types cryptoassets and related models that can cause significant harm to consumers when promoted in a way that is not fair, clear and not misleading. 

Our financial promotions rules apply to a broad range of communications including promotions on social media, websites, mobile phone apps and many other types of content. 

Who this is for

This Guidance is relevant to:

• consumers investing, or who are considering investing, in cryptoassets
• cryptoasset businesses registered, or considering becoming registered, with the FCA
• overseas cryptoasset firms marketing to UK consumers
• authorised firms communicating or approving cryptoasset financial promotions
• trade bodies for the cryptoasset sector
• other persons involved in communicating cryptoasset financial promotions to UK consumers

Background

On 8 June 2023, following the Government making the relevant legislation, we published our final rules (PS23/6[2]) for cryptoasset financial promotions.

From 8 October 2023, we have been supervising firms against the new financial promotions regime that is designed to give consumers the right information and risk warnings to make informed decisions.