LONDON : British consumers buying cryptoassets will get a 24-hour"cooling-off" period for the first time from October under tougher marketing rules unveiled by the financial regulator on Thursday.
The Financial Conduct Authority said"refer a friend" bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. "It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision," said Sheldon Mills, executive director at the FCA's consumers and competition division.FCA research shows that estimated crypto ownership has more than doubled from 2021 to 2022, with 10 per cent of 2,000 people surveyed stating they own cryptoassets.