UK cryptoasset financial promotions: HM Treasury consultation outcomes, FPO 2023 amendments, FCA rules (PS23/6; FG23/3), approval routes, exemptions, consumer journey requirements, and 2024 compliance review

Published by a LexisNexis Financial Services expert

Practice notes

Background to the regulation of cryptoasset promotions in the UK

Following the establishment of the Cryptoassets Taskforce (CATF) in March 2018, by October 2018 the CATF had issued its final report. Chapter 4 considers the risks and potential advantages linked to cryptoassets.

On financial promotions, the report observes that advertising, often directed at retail investors, is frequently neither fair nor clear and may mislead. Commonly, adverts:

overstate the benefits;
rarely flag volatility risks, the reality that consumers can both gain and lose their investment, and the absence of regulation;
include cases where regulated firms market cryptoasset products without making clear that this aspect of their business is not regulated.

After the report’s publication, the UK government began consulting on legislation to bring certain cryptoasset promotions within the Financial Services and Markets Act 2000 (FSMA 2000), and therefore under the Financial Conduct Authority’s (FCA) remit. In parallel, the FCA opened a consultation on the requirements that would apply to financial promotions within its scope...

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Web page updated on 22/05/2026

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