The United Kingdom government is planning to make a major move towards the safekeeping of the cyptocurrency holders.
According to a proposal, which relies on approval, it will bring promotion of certain types of crypto assets. It will be based on FCA.
“It’s important that people can understand the financial products they see promoted. If adverts by unauthorised firms are misleading, or don’t fully outline the risks, then people can end up losing money. That’s why we want to put more protections in place around such financial promotions, including the promotion of cryptoassets, while continuing to ensure people have access to a wide range of products on the market.”
At the moment the law which protects misleading ads requires to have their promotion approved by an authorized counterpart.
The government in UK is concerned that with the new financial instruments it will not be able to provide enough safety. It will seek to expand the financial promotions.
It has been said that their promotion would be held to the same high standards for fairness. The government is however pursuing a holistic approach.
The operators have been given a deadline till January 2021.