Thread by @Saad_Alrayes

1/10: This threads critically highlight a few points on the #UK #FCA Proposal on #Cryptoasset Financial Promotions Rule that seeks feedback on how they approach & how firms comply with their requirement of fairness, clarity and not misleading. #CryptoRegulations

2/10: The FCA has introduced new regulations for marketing cryptoassets to #UK consumers. This move requires firms, including those based overseas, to comply with the regime and review the statutory instrument alongside the Policy Statement (PS). #CryptoRegulations

3/10: Firms planning to market to UK consumers must carefully consider the four available routes for lawfully communicating promotions and ensure compliance with the relevant requirements. Seeking professional advice is crucial during this preparation phase. #ComplianceMatters

4/10: The #FCA is determined to take robust action against firms; breaching these requirements. Actions include website takedowns, restrictions on promotions, and enforcement measures. Firms intending to register under MLRs should refer to the FCA's guidelines. #CryptoCompliance

5/10: The FCA's guidance consultation, seeking feedback on fair & clear cryptoasset financial promotions is open until August 10, 2023. All stakeholders are encouraged to participate. The Final Guidance is expected to be published in the autumn #CryptoassetPromotions #Regulation

6/10: The FCA's new financial promotion rules, effective from October 8, 2023, aim to protect consumers investing in #cryptoassets. Key measures include a cooling-off period for first-time investors & a ban on 'refer a friend' bonuses. Knowledge &experience are crucial.

7/10: Some potential challenges and considerations that regulators, market participants, & consumers may face in implementing and adhering to the proposed guidance on #cryptoasset financial promotions.

8/10: Potential Impact 1: Ambiguity & Subjectivity: The interpretation of what constitutes a fair, clear, and non-misleading financial promotion can be subjective. The guidance may need to provide clearer criteria & examples to avoid ambiguity and ensure consistent application

9/10: Potential Impact 2: Global Consistency: #Cryptocurrencies & #cryptoasset marketing are not limited to national borders. Regulators must consider international coordination & harmonisation to avoid regulatory arbitrage & ensure consistent protection for consumers.

10/10: Potential Impact 3: Impact on Competition: Excessive regulations can stifle innovation & hinder competition. It is essential to strike a balance between consumer protection & fostering an environment; encouraging innovation & growth within the #crypto industry