LONDON—The U.K. could make it difficult for crypto companies to advertise to clients within its borders if a new proposed bill is passed into law, according to a new report.
Lawmakers on the committee for the Financial Services and Markets (FSM) bill – which could also end up legally recognizing crypto as financial instruments – approved an amendment to a markets bill to regulate crypto ads and promotions, Yahoo Finance said, adding “crypto advocates feel the rule may be too restrictive for a country that said it wants to support the digital asset industry.”
In January, the U.K. Treasury, the government's finance arm, said it planned to strengthen the rules governing crypto ads to improve consumer protection.
“The Treasury wants this measure in place to stop dangerous and fraudulent entities from reaching out to local customers,” Yahoo Finance reported.
The report noted an amendment, which was accepted unanimously by committee lawmakers, is seeking to make crypto firms comply with the country's financial promotions rules.
“These rules would require any type of advertisement or invitation to the public to engage in an investment activity targeting consumers to be approved by an authorized entity, according to industry representatives,” Yahoo Finance said.
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