UK to tighten controls on cryptocurrency

The UK Advertising Standards Authority (ASA) plans to increase scrutiny of misleading and misleading ads related to cryptocurrencies. The Financial Times (FT) reports.

According to the publication, the regulator will begin work in this regard in July. The ASA will pay particular attention to online platforms and social media.

   "When problems are identified, we will act firmly and quickly," Miles Lockwood, the agency's head of complaints and investigations, told the FT.

He said the ASA had given cryptocurrencies a "red alert level" in financial advertising. Companies will be issued warnings and may be required to add a disclaimer to ads.

Ads for the controversial cryptocurrency project HEX filled London in 2020. The ads appeared during Premier League matches as well as on buses and cabs.

At the end of May 2021, the ASA demanded that cryptocurrency exchange Luno change the ads placed on London's transport network, finding them "misleading".

Recall that in June, search giant Google warned against advertising to UK-based financial services and products to companies not authorised by the Financial Services Authority.

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