The finance ministry in Britain is set out to regulate cryptocurrency advertisements that may provide inaccurate information on offered assets.
While there is a rapid influx of people owning cryptocurrencies, according to Reuters, there are some who do not fully grasp the extent of how digital assets work.
The Chancellor of Britain Rishi Sunak mentioned that "cryptoassets can provide exciting new opportunities", but, also, expressed the importance of transparency in the digital asset industry, stating:
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is the Metaverse? (Meaning + Animated Examples)
"...it’s important that consumers are not being sold products with misleading claims."
The British finance ministry, known as the HM Treasury, intends to drop cryptoassets into an already existing financial framework, with regulations being imposed by the Financial Conduct Authority. This will essentially put cryptocurrency ads at the same financial promotion standard as stock and insurance offers.
Likewise, the ministry added that NFTs will not be included in the regulation process, presumably because they’re not classified as currencies, but rather as "collectibles" or even art that people can purchase in a digital form.
These regulatory measures for cryptocurrency advertisements in Britain will roll out "when parliamentary time allows", so the exact time is still unclear.