Britain will not ban cryptocurrency advertising

The UK Financial Conduct Authority has approved stricter rules to combat misleading advertising related to high-risk investment products. However, cryptocurrencies are not included in this list.

As it has become known, the new advertising requirements will not apply to digital assets because control over cryptocurrencies is not within the regulator’s scope of authority. However, the government promised to resolve this issue in the near future. Perhaps the UK will agree to recognize NFTs and digital currencies as a new type of property, as suggested by representatives of the UK Law Commission.

According to representatives of the Law Commission, the recognition of cryptocurrencies as a new type of property will greatly facilitate investor protection. Interestingly, the Commission is against cryptocurrencies being used as a means of payment for goods and services. However, representatives of the commission support their use for capital storage and trading.

In addition to considering the proposal to recognize cryptocurrencies as a new type of property, the UK plans to discuss a bill on the regulation of stablecoins. According to UK Finance Minister Najim Zahawi, the new law will allow the country to introduce digital assets into circulation «as safely as possible» while complying with all existing laws.