The UK’s financial regulator, the Financial Conduct Authority (FCA), has proposed new guidelines stating that crypto memes can be considered financial promotions.
This means that crypto firms and influencers may have to include disclaimers in their memes to comply with advertising laws in the country. The FCA has noticed that many people are unaware that memes can be subject to its rules.
The FCA said, “We want people to stay on the right side of our rules, so we’re updating our guidance to clarify what we expect of firms when marketing financial products online.”
The regulator considers cryptocurrency investments to be high-risk and requires certain warnings and restrictions when advertising them to retail investors.
The FCA has also expressed concern about finance-oriented influencers promoting products, particularly when targeting younger audiences. They stated, “And for those touting products illegally, we will be taking action against you.”
The FCA is inviting public feedback on proposed guidelines regarding crypto memes and financial promotions until September 11.
Also Read: UK FCA Sets New Rules for Marketing High-Risk Investments
