{"id":1186,"date":"2023-06-09T07:59:18","date_gmt":"2023-06-09T06:59:18","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=1186"},"modified":"2023-06-09T07:59:45","modified_gmt":"2023-06-09T06:59:45","slug":"cryptocurrency-new-fca-rules","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/cryptocurrency-new-fca-rules\/","title":{"rendered":"Cryptocurrency: New FCA Rules"},"content":{"rendered":"<p style=\"font-weight: 400;\">New rules from the FCA mean first-time crypto investors will have to be offered a \u2018cooling-off\u2019 period, &#8216;refer a friend&#8217; bonuses will be banned, and advertisements must have clear risk warnings.<\/p>\n<h2 style=\"font-weight: 400;\">New FCA Rules<\/h2>\n<p style=\"font-weight: 400;\">As of 8<sup>th<\/sup> October 2023, those marketing cryptoassets to UK consumers will be obliged to offer a 24-hour cooling-off period. This means that new crypto investors will have to wait 24 hours before they can complete their transaction- if they change their mind, they can get their money back.<\/p>\n<p style=\"font-weight: 400;\"><a href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/fca-introduces-tough-new-rules-marketing-cryptoassets#:~:text=Those%20marketing%20cryptoassets%20to%20UK,rules%20announced%20by%20the%20FCA.\">Sheldon Mills<\/a>, Executive Director, Consumers and Competition at the FCA, has said:<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><em>\u201cIt is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice\u201d<\/em><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\">Under these new measures introduced in October, \u2018refer a friend\u2019 bonuses will also be banned, and those advertising crypto will have to include clear risk warnings and ensure their adverts are clear, fair, and not misleading.<\/p>\n<h2 style=\"font-weight: 400;\">FSCS Consumer Research: Attitudes Towards Investing in Cryptocurrencies<\/h2>\n<p style=\"font-weight: 400;\">According to FSCS research:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>91% of consumers with savings or investments say they\u2019ve heard of cryptocurrencies, yet only 11% have a good understanding of how they work<\/strong>\u2026 to find out more about what cryptocurrency is and how it all works, we have <a href=\"https:\/\/www.redstarwealth.co.uk\/blog\/what-is-cryptocurrency\/\" rel=\"\">a blog just for you<\/a><\/li>\n<li style=\"font-weight: 400;\"><strong>80% of those with experience or open to investing cite reasons that can be grouped as being \u2018swayed by the hype\u2019 as a motivation to invest. In fact, 35% of all current, former or potential investors say friends and families encouraged them to invest<\/strong>\u2026 therefore, it\u2019s significant that the FCA are banning these refer a friend bonuses, as some will invest in crypto just because those they know are trying to get them to<\/li>\n<li style=\"font-weight: 400;\"><strong>52% with experience or open to investing agree that they see crypto ads everywhere<\/strong>\u2026 given that these ads are so rampant, it\u2019s more important than ever to ensure that any false or misleading advertising is cut out<\/li>\n<li style=\"font-weight: 400;\"><strong>23% would consider getting into debt to buy cryptocurrencies, increasing to 34% among under 25s and 29% of those with household incomes of less than \u00a315,000<\/strong>\u2026 it could even be argued that part of the reason why people in debt are willing to buy cryptocurrencies is because it is advertised as a way to \u2018get rich quick\u2019. It can be easy to be misled into believing that crypto could be a way to get out of debt, but unfortunately, for many, it actually does the opposite due to its risky and unregulated nature<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>New rules from the FCA mean first-time crypto investors will have to be offered a \u2018cooling-off\u2019 period, &#8216;refer a friend&#8217; bonuses will be banned, and advertisements must have clear risk warnings. New FCA Rules As of 8th October 2023, those marketing cryptoassets to UK consumers will be obliged to offer a 24-hour cooling-off period. This [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[815,87,813,812,810,86,814,165,166,809,808,27,28,811],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cryptocurrency: New FCA Rules - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"We look at the new FCA rules around cryptocurrency, including the introduction of a cooling-off period for investors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstarwealth.co.uk\/blog\/cryptocurrency-new-fca-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cryptocurrency: New FCA Rules - 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