Government to strengthen rules on misleading cryptocurrency adverts
January 18, 2023
On 18 January 2022, HM Treasury set out its response to its July 2020 consultation seeking to bring certain cryptoassets into the scope of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). The consultation set out a proposed definition for qualifying cryptoassets, to be brought into the scope of the FPO as a controlled investment. The definition proposed in the consultation set out several criteria for a qualifying cryptoasset, including that it was fungible, transferable, not electronic money, and not a currency issued by a central bank or public authority.