Thursday, March 28

UK starts monitoring cryptocurrency ads


Notice me published This Tuesday (18), the HM Treasury – Her Majesty’s Treasury – of the United Kingdom announced that it will monitor deceptive advertisements related to cryptocurrencies more proactively.

The justification is the protection of its citizens, noting that about 2.3 million of them already have cryptocurrencies and that this number is increasing. However, the text highlights that knowledge on the subject is increasingly shallow.

As the cryptocurrency industry is becoming more and more common, it is no surprise that related services are being treated similarly to more traditional investments.

Cryptocurrencies are here to stay

Thirteen years after the creation of Bitcoin, several fund managers have already admitted that bitcoin is an alternative to gold as a store of value. Furthermore, both ETFs around the world and El Salvador’s adoption of BTC reinforce that there is no stopping the world’s largest cryptocurrency.

With this, regulatory bodies only have one way out, “protect” consumers from misleading ads. This is exactly what the UK proposes, treating cryptocurrency promotions in the same way as stocks and other traditional assets.

“It sets out the government’s plan to bring cryptocurrency promotion under the financial promotions legislation. This means that the promotion of qualifying crypto assets will be subject to FCA rules, in line with the same high standards as other financial promotions such as stocks, bonds and insurance products.”

This may be a response to advertising from Dogecoin’s rival, Floki Inu, which has invaded London’s transport systems with its advertisements. Obviously this did not please the financial regulators.

UK government supports innovation

In addition, the note points out that the UK government supports the innovation and opportunities created by the cryptocurrency market.

This plan is focused on the safety of consumers, who are often deceived by unfair ads. This is highlighted by Rishi Sunak, Chancellor of the Exchequer.

“Crypto can offer exciting new opportunities, allowing people to trade and invest in new ways — but it’s important that consumers aren’t buying products with misleading claims. We are ensuring that consumers are protected while supporting crypto market innovation.”

Finally, without a doubt, this is the market that is in the sights of many industry giants. In addition to trading these assets through exchanges, other fields are also attracting attention.

As a more recent example, we have the introduction of Intel into the manufacture of Bitcoin mining equipment. In addition to several companies taking advantage of the metaverse to promote their products. However, education is needed before investing.





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