Odaily Planet Daily News According to documents published on Thursday, the UK Financial Conduct Authority (FCA) will implement strict new rules for encrypted advertising after the encryption industry regulations are finalized.

Cryptocurrencies will be classified as "restricted mass market investments" under the new rules, the FCA said, which will require any advertisement or promotion to contain "clear risk warnings" and ban "refer a friend" or "rewards for referrals." and other investment incentives.
Firms could face up to two years in jail, a fine or both if they breach the FCA's upcoming marketing rules. The new rules will come into effect on October 8.
It is reported that the cryptocurrency industry will be included in the scope of regulated financial activities in the UK through the Financial Services and Markets Act, which represents the post-Brexit financial strategy of the UK and is currently being considered by Parliament. Through the Act, the FCA was given the power to make rules for the industry under applicable law.
In addition to the upcoming rules, the FCA is open for public comment, aiming to ensure that “firms have a clear understanding of the implications of this requirement for the promotion of cryptoassets.” (CoinDesk)