As a method of restricting misleading ads about crypto, the UK Treasury confirmed yesterday that it wants to regulate crypto advertisements as other financial products and make sure that they follow the ethical advertising standards regarding the limiting of false information.
The UK treasury further added that it plans to promote “fair and clear” advertising when it comes to crypto.
The Treasury also confirmed that the Financial Conduct Authority (FCA) will also examine and regulate the proposed legislation.
“Research suggests that understanding of what crypto is declining, suggesting that some users may not fully understand what they are buying.”
This decision was made as a way of trying to stop those who promote false or misleading information and keep the risks of investing to a minimum.
Rishi Sunak, UK Chancellor, stated:
“We are ensuring consumers are protected, while also supporting the innovation of the crypto-asset market.”
Other countries, such as Spain, Singapore, and India, have also taken measures to fight crypto misinformation in advertisement.