UK’s FinProm a welcome change, but challenge persists: Transak compliance head

On Oct. 8, the United Kingdom’s Financial Conduct Authority (FCA) imposed new marketing rules compelling cryptocurrency firms to promote their products and services clearly, fairly and transparently.

From banning referral bonuses to crypto firms implementing a 24-hour cooling-off period for first-time crypto investors, the stricter Financial Promotions (FinProm) regime aims to help protect consumers from high risks associated with virtual assets.

The cooling-off rule, in particular, presents an opportunity for users to discern crypto investments and strengthens the credibility of crypto and its community, James Young, compliance head and money laundering reporting officer at on-ramp…

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