UK joins slew of nations cracking down on misleading cryptocurrency ads

AgenciesUpdated: Tuesday, January 18, 2022, 06:59 PM IST
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The UK authority also plans to bring crypto-assets within the scope of financial promotions legislation./Representative image |

The UK government joined a slew of nations in cracking down on misleading cryptocurrency ads to protect consumers.

The country has joined Spain, Singapore and India to reign in cryptocurrency advertisements.

The UK Treasury published a consultation response, stating that proposed legislation will also provide the UK financial watchdog, the Financial Conduct Authority (FCA), powers to regulate the crypto market.

"Around 2.3 million people in the UK are thought to own a crypto-asset with their popularity rising ," the Treasury said.

The UK authority also plans to bring crypto-assets within the scope of financial promotions legislation.

(With inputs from IANS)

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