UK’s Economic Secretary Challenges New Crypto Advertising Regulations
October 16, 2023 3:29 PM | 2 min read
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The UK’s Economic Secretary to the Treasury Andrew Griffith is voicing concerns over the country’s upcoming cryptocurrency advertising regulations, emphasizing the growing rift between the government and regulators concerning digital assets.
Griffith’s concerns were communicated to the Financial Conduct Authority (FCA) on Oct. 5, mere days before the new, stringent regulations were to take effect, Financial Times reported.
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Interestingly, this push and pull between regulators and proponents of the crypto industry are mirrored in various global events, like Benzinga’s Future of Digital Assets conference scheduled for Nov. 14. This conference aims to help investors navigate the evolving landscape of digital currencies and its impact on traditional financial systems.
These new regulations, which are among the most stringent globally, were implemented in response to the downturn in digital asset values last year and the subsequent collapse of several crypto firms.
Non-compliance could lead to substantial penalties, including a potentially unlimited fine or up to two years in prison.
This applies to all crypto-related businesses, regardless of their country of origin.
Griffith has relayed concerns from various crypto firms regarding the broad nature of these regulations.
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Notably, the FCA has not released comprehensive guidance on ensuring compliance, leading to uncertainty.
This comes at a time when the UK government has been actively promoting the nation as a hub for cryptocurrency activities.
Also Read: Upbit Inches Closer To Offering Crypto Services In Singapore
Prime Minister Rishi Sunak has been a prominent advocate for the crypto sector and its potential in the UK.
He expressed earlier this year that the UK aims to attract future businesses and job opportunities in the crypto domain.
The FCA, in its defense, mentioned that they had consistently voiced concerns about the hasty implementation of these rules.
The agency had cautioned that the condensed timeline from six months to four could pose challenges for the industry.
Griffith has had previous disagreements with the FCA on different matters, further underscoring the tension between the two entities.
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