The U.K. Treasury plans to regulate crypto advertising like other financial products.
Crypto has drawn the attention of regulators globally as a result of the volatile price movements of digital assets—from Bitcoin and Ether down to memecoins such as Shiba Inu—as well as the complexity of the products and lack of consumer protection. In the U.K., Britain’s advertising regulator has handed down a stream of rulings against crypto-related advertising, setting a consistent line against some of the key names in the industry. The U.K.’s Financial Conduct Authority, meanwhile, has issued frequent warnings about the risks in crypto, saying last January that investors “should be prepared to lose all their money.”
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Cryptoassets are “a red-alert priority” for the ASA, Toby King, a spokesman for the advertising authority, said in an emailed statement Tuesday that welcomed the Treasury’s news. “Bringing the regulation of ads for such products in line with other financial products will provide more certainty and bolster protections for consumers,” he added.