Just in case you thought the Advertising Standards Authority was on a frolic of its own when issuing its recent guidance on cryptoasset advertising, yesterday it went postal, literally, by issuing an Enforcement Notice to 50 advertisers whose advertisements it considers do not comply with specific rules in its Non-broadcast Code. Advertisers have until 2 May 2022 to rectify the problems, after which the ASA will commence targeted monitoring and potentially sanctions (including adverse publicity and referrals to Trading Standards for enforcement).
Unlimited fines, jail time and confiscation of assets as the proceeds of crime are all possible results of Trading Standards enforcement activity.
It is also clear that the ASA is working closely with the Financial Conduct Authority in determining whether any financial regulations are being infringed, with similar potential consequences.
The ASA's Enforcement Notice includes more detailed guidance and illustrations of what is - and is not - acceptable by way of cryptoasset advertising. No need to recite that here.
Regardless of concerns from a policy or philosophical perspective, and any efforts to sway the approach to cryptoasset regulation being taken by the ASA, Treasury and/or FCA, anyone advertising cryptoassets in or from the UK should take care to heed the ASA guidance for now.
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