TechFlow reported, according to CoinDesk, that CryptoUK, a lobbying group within the cryptocurrency industry, has responded to the UK Financial Conduct Authority's (FCA) June proposal on regulating cryptocurrency advertising and promotions. While acknowledging the FCA's aim to protect consumers from financial loss, CryptoUK pointed out that certain rules—such as the ban on incentives—could pose challenges to business operations and competitiveness, potentially forcing some companies to relocate their activities outside the UK.
Although CryptoUK members generally agree that cryptocurrency advertisements should be "fair, clear, and not misleading," they emphasized that regulatory guidance from the authority still lacks sufficient clarity.
The group is calling for a clearer definition of the scope of financial promotions and greater transparency regarding which overseas promotional activities will be subject to monitoring.
In addition, they urged the FCA to clarify whether international firms could be affected by similar laws in other jurisdictions, in order to safeguard these companies' interests.
