FCA WARNING for Unregistered Cryptoasset Firms – STOP ON OR BEFORE 8th October.
21/09/2023
The Financial Conduct Authority (FCA) has expressed serious concerns regarding the need for more engagement from numerous unregistered overseas cryptoasset firms with UK customers about the impending FinProms regime.
Check out their official letter attached [HERE]
This letter
- Emphasises that unregistered cryptoasset firms must cease all illegal FinProms to UK consumers once the regime takes effect on October 8TH.
- It outlines the necessary steps for firms to ensure compliance and highlights potential actions the FCA may take if firms fail to meet these requirements.
- Addresses its expectations for businesses that support unregistered cryptoasset firms, including social media platforms, app stores, search engines, and payments firms. These businesses are urged to know the risks associated with supporting firms engaged in illegal promotions targeting UK consumers.
- Reminds businesses to consider their obligations under the Proceeds of Crime Act 2002 (POCA).
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.