On 7 September 2023, the Financial Conduct Authority (“FCA”) published a press release announcing its intention to revise the implementation timeline for enforcing specific rules related to the promotions of cryptoassets. These rules were outlined in the financial promotion rules for cryptoassets (PS23/6), which were published on 8 June 2023 (“Crypto Rules”). Additionally, the press release offered further guidance to firms to better prepare for the new Crypto Rules.

Key Points to Note

  1. Changes to Implementation Timeline:

The Crypto Rules will come into effect on 8 October 2023. Financial institutions providing cryptoassets related services or offering cryptoassets related products will need to observe and comply with the Crypto Rules by this date.

However, the FCA acknowledges that certain rules require additional time for implementation…

Firms providing crypto-related products and services in the UK should remain vigilant for forthcoming regulatory developments and the guidance provided by the FCA. Cleveland & Co can support firms operating within the crypto sector by offering guidance on upcoming regulatory advancements and conducting reviews of their policies and procedures to ensure compliance.

For more information, and any guidance or advice, Cleveland & Co, your External in-house counsel, are here to help.

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