Clampdown on crypto ads: A one-off or a new phase of global regulation? By Cointelegraph

Clampdown on crypto ads: A one-off or a new phase of global regulation?

CryptocurrencyJan 28, 2022 11:00AM ET

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Clampdown on crypto ads: A one-off or a new phase of global regulation?

Over the last week, regulators in three major jurisdictions across two continents introduced new rules governing cryptocurrency-related promotions and advertisements. Citing consumer risks associated with digital asset investments, authorities in the United Kingdom, Singapore and Spain tightened the requirements around crypto firms’ marketing messaging and customer recruitment practices. While some experts view this emerging trend as a sign of a new global phase of cryptocurrency regulation, questions about the efficiency and universal applicability of this approach persist.

New measures

In the United Kingdom, Her Majesty’s Treasury issued a report summarizing the results of a public consultation on crypto-asset promotions, published in July 2020, as well as the government’s further steps in bringing such promotions within the regulatory perimeter. The key takeaway here is that crypto-related marketing messages are to be included in the scope of the Financial Promotion Order, meaning that the same rules will apply to them as those governing promotions of traditional financial products.

Drivers of the new approach

A global trend?

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