The British Treasury is set to pass legislation to back a framework for cryptocurrency promotion later in the year, it announced on Twitter on Tuesday.
The news comes after the Government published a draft amendment of the Financial Services and Markets Act (FSMA) on Monday.
Lawmakers will expand powers for the Financial Conduct Authority (FCA) to monitor and regulate cryptocurrency companies under the FSMA.
The Government said in its tweet it hopes to protect investors and consumers from “misleading crypto asset promotions.”
It tweeted on Tuesday: “Yesterday the Government laid legislation to safeguard against misleading cryptoasset promotions. Subject to parliamentary time & approval, this measure will likely be in force by late 2023 & apply to all cryptoasset promotions made to UK consumers from the UK or abroad.”
Additionally, the FSMA will also provide a limited-time exemption for cryptocurrency firms registered with the FCA to self-approve ads. Currently, cryptocurrency enterprises can not approve their own ads.
Fees for third-party firms to approve crypto ads cost from £5,000 to £15,000 depending on the proposals.
The news comes as the United Kingdom debated a potential framework for incorporating cryptocurrencies and digital assets in the British economy.
Whitehall also plans to provide support for a central bank digital currency (CBDC) to offer consumers and investors alternatives to cash, it was reported earlier this month.
