Crypto companies must offer customers a 24-hour "cooling-off period" in sweeping changes to how the digital assets can be marketed in the UK.
New investors will have to wait a full day before they can complete their transaction. The government estimates up to one out of every 10 of UK adults now owns some form of crypto. Bosses of companies that fail to comply could face up to two years' imprisonment, a fine, or both. "Refer a friend" adverts will be banned , while others must be "clear, fair and not misleading". The rules, set to take effect from 8 October, will apply to crypto assets which are transferable and fungible - including digital currencies such as Bitcoin.
This means purchases of non-fungible tokens (NFTs) will not be covered by the new advertising rules, aside from a ban on offering them as an incentive for investing in crypto.
