Currently, “no crypto firm is an authorized firm … so they can’t approve their advert,” said Mark Aruliah, senior policy adviser atBecause crypto is not recognized as a regulated activity right now, service providers don’t exactly have a means of getting authorized as an ad approver either.
“If somebody [a crypto firm] has gone through the very harsh process of getting registered, then they would still not be able to make financial promotions,” Ossio said.The only exception is if firms have, for example, authorization for trading derivatives and just happen to also serve crypto, these companies can approve their own adverts, Ossio explained.
Those who are not in crypto might also lack the necessary industry knowledge to know what they can and cannot approve, Ossio said. The local crypto community is calling for changes to this measure to ensure the U.K. remains competitive in the sector. One suggestion is to extend the rule to foreign companies looking to enter the market. Currently, firms not registered in the U.K. can reach out to serve clients based there because there are no rules to stop them from doing so.
camomileshumba The rule may be too restrictive for a country that said it wants to support the digital asset industry.
camomileshumba Current world leaders are all the advertising Bitcoin ever needs.
camomileshumba 🚀Thnkss a millon