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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Breaking News

New Laws Aiming To Tackle Misleading Crypto Asset Adverts

crypto asset laws-Image from pixabay
crypto asset laws-Image from pixabay crypto asset laws-Image from pixabay
crypto asset laws-Image from pixabay
crypto asset laws-Image from pixabay crypto asset laws-Image from pixabay

UK people have experienced a hard time when it comes to crypto investment. One of the countries banned crypto for a certain period before accepting it back. Currently, almost 2.3 million individuals have crypto assets. However, government experts say that some people rush to buy crypto assets without their knowledge.

Despite many discussions about regulations, most crypto assets are yet to be regulated, a report by CNBC. As a result, there is no maximum protection of the investor. Here we try to put down some laws that can tackle fake crypto-assets:

Financial speculation

Many governments are still working on rules that will define crypto assets. However, nations like the UK said they would not regulate non-fungible tokens. NFTs are a certain form of digital assets that are traded in the form of art from the cryptocurrency industry. Experts say those are the types of financial speculation that positively impact the economy.

As time goes by, there are many NFTs that are coming up. The bridge between digital collector items and financial service products. This means that the rules will keep changing over time depending on the state of crypto and NFTs.

Overstate benefits

The Financial Conduct Authority(FCA) wants to categorize crypto into “qualifying crypto assets.” This is a similar situation in the stock market, where we have qualifying products and services.

The Bank of England and Treasury reported that most crypto adverts dwell on the benefits, not displaying any side effects. They are very keen not to expose how investors might lose their money.

In December, the FCA also released another report on the decline of education in crypto. Yet millions of youth are still investing.

https://www.youtube.com/watch?v=5DJWScLOAjk

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Rishi Sunak, a professional Chancellor, said that there must be rules to protect consumers. While doing so, there is a need to support the innovation revolving around crypto-assets. He proceeded: “Crypto-assets can provide exciting new opportunities. They also offer people new ways to transact and invest. It’s important that consumers are not being sold products with misleading claims.”

‘Advertising Standard Authority’

Apart from FCA, the Advertising Standards Authority is also ahead, monitoring crypto ads like bitcoin. There have been concerns about bitcoin. It’s the greatest crypto in the market. Unfortunately, most of the bitcoins ads fail to covey the risks of investing in them.

Numerous promotions have been banned, such as the football club and pizza chain, a report by bitcoin. The board is also working on new rules for advertising, which will affect both crypto and NFTs.

One of the latest scenarios is where social media influencers have advertised fake cryptos. As a result, the Spanish National Security Market Commission has come in to dictate new regulations about influencers.

Those boards and organizations are working really hard to protect the average investor. Most youths are the one who gets affected by social media peer pressure. A good number of their fellow youth are making good cash from crypto, so when they look at that, they feel like they can do the same. It’s hard to do business in an industry you don’t understand well. Having some knowledge might give you an edge over others.


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