2 years in jail for advertising - UK increases penalties for illegal promotion of cryptocurrencies

Three years ago, the UK Financial Conduct Authority (FCA) forced local and foreign cryptocurrency companies to register and comply with the Money Laundering Regulations (MLR). The regulator will soon tighten its policy on digital currency advertising.

Here's What We Know

The FCA has announced the introduction of new rules. They have not yet been published, but the regulator is warning companies to be prepared for stiff penalties for non-compliance.

Firms with cryptocurrency-related activities now need to register to advertise their products. There is also an alternative option for compliance. It involves promoting cryptocurrency products through FCA representatives.

The authority will consider advertising that does not comply to be in breach of the Financial Services and Markets Act (FSMA). This is punishable by up to two years' imprisonment.

Source: FCA