10-24-2022 icon

UK’s Governing Authority Suggests Strategies for Cryptocurrency Ads Management

By Lucy Adegbe

A United Kingdom’s Government-appointed Minister disclosed an outlined proposal focused on managerial strategies for cryptocurrency adverts and prohibiting unlicensed digital service operators from assisting.  

Andrew Griffith’s introduced proposal as an alteration to an already existing Financial Service and Market law has been embraced to cut across stable coins virtual properties backed by non-volatile assets like the currency of the united states.

The set strategies alter already known bills to “clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate crypto assets and activities relating to crypto assets,” Griffith’s Friday Clarity publication noted.

According to the moderation, the Financial Conduct Authority (FCA) is authorized “to introduce a full regulatory regime for crypto, a hugely positive step,” public policy chair at Luno trading protocol Nicholas Taylor explained in an email addressed to CoinDesk.

Regulative arms have had the nudge to expand their authority across to the digital currency industry. The FCA had formerly released its crypto ads restraint policies in August.

This new strategies turns out plausible to the crypto industry that has been in dire need for a clearer regulatory ruling similar to that proffered by the European Union with its Market in Crypto Assets Regulation (MiCA).

The proposal awaits further deliberations by the necessary committee.