Crypto-memes can be punishable, warns the highest financial supervisory authority of the United Kingdom

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Krypto-Memes und ihre rechtlichen Implikationen Die oberste Finanzaufsichtsbehörde des Vereinigten Königreichs hat vor kurzem gewarnt, dass Krypto-Memes eine Straftat darstellen können, wenn sie nicht den bestehenden Regeln zur Finanzförderung entsprechen. Die Financial Conduct Authority (FCA) hat eine Reihe von Richtlinien vorgeschlagen, die betonen, dass „jede Art von Kommunikation“ als Finanzwerbung angesehen werden kann und somit den Regelungen des Financial Services and Markets Act unterliegt. Dieser besagt, dass eine Person im Rahmen ihrer Geschäftstätigkeit andere nicht dazu einladen oder veranlassen darf, sich an einer Investitionstätigkeit zu beteiligen. Die FCA stellte fest, dass sich dieses Urteil auch auf Krypto-Memes erstreckt. „Wir haben …
Crypto-memes and its legal implications The uppermost financial supervisory authority of the United Kingdom recently warned that crypto-memes can be a criminal offense if they do not meet the existing rules for financial funding. The Financial Conduct Authority (FCA) has proposed a number of guidelines that emphasize that "any kind of communication" can be regarded as financial advertising and is therefore subject to the regulations of the Financial Services and Markets Act. The latter says that a person should not invite or prompt others to participate in an investment activity in the course of their business. The FCA found that this judgment also extends to crypto memes. "We have ... (Symbolbild/KNAT)

crypto memes and their legal implications

The UK's highest financial supervisory authority recently warned that crypto-memes can represent a criminal offense if they do not meet the existing rules for financial funding. The Financial Conduct Authority (FCA) has proposed a number of guidelines that emphasize that "any kind of communication" can be regarded as financial advertising and is therefore subject to the regulations of the Financial Services and Markets Act. The latter says that a person must not invite or prompt others to participate in an investment activity in the context of their business.

The FCA found that this judgment also extends to crypto memes. "We saw Memes and other similar messages that were spread on social media, although it was often not clear to users that they were subject to our rules," said the FCA. In the area of ​​crypto assets in particular, the use of memes is widespread in advertising campaigns.

memes play a crucial role in the interactions within the crypto community. Particularly popular cryptocurrencies have often become known through memes. An example of this is Dogecoin (Doge), which is extremely popular due to its famous memes and is currently the ninth largest cryptocurrency after market capitalization. Another cryptocurrency inspired by Dogecoin is floki (floki). In 2021, this was advertised for its coin in public transport in London, but this was later banned by Advertising Standards Authority (ASA). The FCA had previously pointed out that it would need new powers from political decision -makers for such advertising campaigns.

The FCA gave an example of an unspoken crypto advertising in its report, which encourages viewers to spend their money on cryptocurrencies instead of food. Crypto-asset companies should be aware that the FCA has published final rules and guidelines that explain how the financial funding rules apply to them and what they should consider when communicating financial funding.

Compared to their American counterparts, British regulatory authorities such as the FCA of the crypto industry have gained more clarity about how companies can comply with the law. In view of a lawsuit by the US Securities and Exchange Commission, Brian Armstrong, CEO of Coinbase, even considered a possible relocation of the headquarters to Great Britain if Coinbase cannot find a legal basis in Germany.

Last month, the United Kingdom has passed a law on financial services and markets that gives the regulatory authorities the authority to develop a tailor -made framework for digital assets. This is another sign that the British authorities strive to create adequate regulation for the crypto industry.