Floki Inu resumes controversial ad blitz in London

The new campaign spanning buses and train stations across the city comes only a few weeks after regulators banned the previous ads from a marketing run Floki Inu conducted in 2021.

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3 Old School Marketing Strategies to Growth Hack Your Crypto Project in 2022

If you’re planning your own crypto launch this year, I’ve got three sure-fire ways to light the fuse. Keep It Simple. Whatever your project is, the single most important way to spread the news is b...

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Singapore To Restrict Highly Risky Crypto Investment Marketing

Singapore, one of the world’s most progressive financial cities and home to many crypto investment companies, is cracking down on advertisements for digital asset services within its borders. The Monetary Authority of Singapore, which to summarize: “This new law will effectively ban advertisements related to digital currencies.”  It’s another setback for cryptocurrency suppliers as more countries regulate this sector. The Financial Authority of Singapore has issued guidelines to crypto investment companies that urge them to cautionary advertising and marketing in public areas and bodily or digital currency trading. The government agency says these practices are dangerous for most people because they can lead others into losing their funds when something goes wrong with your investment strategy – which could happen at any time. As authorities have already upset several companies with the gradual approvals, these new rules might create an even more competitive environment. Crypto suppliers should not use social media platforms or other public sites to attract new customers. They can’t advertise on buses, trains, and places where they stop as well – nor through broadcast/print media, for that matter. Offering ATMs with crypto tokens is also discouraged. Cryptocurrency exchanges should not pay influencers to promote their services. This is because Singaporean law requires all advertising material to indicate who produced it and what they want people to know about the product/service. Their marketing campaigns will continue through the company’s own websites, social media accounts, or app stores. “Cryptocurrencies are extremely hazardous and never appropriate for most people,” Yee Siew, Assistant Managing Director of Coverage, Funds & Monetary Crime at MAS, said in a press release on Monday.  Singapore Government Action To Pause All Types of Marketing The Singaporean central financial institution has taken an interesting approach by labeling cryptocurrencies as ‘DPT’s” which stands for digital payment tokens. This new classification will help them keep up with the recent trends in cryptocurrency trading and invest more wisely than before. In an effort to get people into their crypto exchange, Foris DAX Asia has been hiring some top Hollywood talent. They’ve rented out American actor Matt Damon for advertisements and even splashed out on his services to make it seem more appealing. The Hollywood star appeared on multiplex screens throughout Singapore, promoting Crypto.com.  The tagline “Fortune favors the courageous” popped up earlier than motion pictures startup. Based on the latest from MAS, advertisements for DPT games should no longer be used in public venues. Crypto.com disclaimer reads: “The Financial Authority of Singapore (MAS) requires us to supply this danger warning to you as a buyer of a digital fee token (DPT) service supplier. Please observe that you could be not be capable to get well all the cash or DPTs you paid to Foris DAX Asia Pte Ltd if Foris DAX Asia Pte Ltd enterprise fails.” Singapore’s Monetary Regulator (MAS) has been vocal about its stance on digital currency. The country’s laws specify that service providers who fail to observe the rules face penalties. It’s more likely for them when companies ignore public safeguards and continue working legally within our borders. This could lead MAS to take action against these businesses to prevent negative consequences. Time will tell how this new advertising and marketing framework affects businesses. Still, MAS instructed some DPT gamers to wind down old campaigns or fulfill contractual obligations before penalizing them. Crypto Investment Advertisement Framework Singapore’s Central Financial Institution is taking an identical stance on crypto investment advertising as Britain. The UK’s Advertising Standards Authority has moved to clamp down against any misleading or deceptive ads that may be running throughout this new digital economy – and it looks like they’re going balls out when doing so. With so many digital currency providers in need of licenses, it’s no wonder that the government has been slow to respond. So far, they’ve only granted five permits out of 180 purposes for these “digital fee token provider” companies – and those are just since January 2020 when Act took effect. The Singaporean Finance Agency (SFA) recently released a statement highlighting their framework for cryptocurrencies and blockchain technology, noting that it’s important to have guardrails in place when adopting new technologies. Shadab Taiyabi, president of the SFA, says: “The expertise behind blockchain has the potential to open many thrilling alternatives for the trade and convey advantages to shoppers. Opening the doorways to innovation additionally requires a system of checks and balances to be put in place earlier than shoppers achieve full consciousness and understanding of the brand new instruments.”   Featured image from Pixabay, chart from TradingView.com

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FCA Provides 4 'Legal Routes' for Compliance with Upcoming Crypto Promotion Rules

The UK financial watchdog has said crypto firms in the country will have four “legal routes” through which they can comply with its rules for digital assets promotion coming into force on October 8, 2023. The Financial Conduct Authority (FCA) stated this today (Tuesday) in a letter sent out to crypto firms and jointly signed by Victoria McLoughlin, Head of Digital Assets Supervision, Policy and Competition in the Department of Market Interventions, and Lucy Castledine, Director of Consumer Investments Supervision, Policy and Competition.

FCA Explains Compliance 'Routes'

In the letter, the executives explained that the options available include publishing the promotion through an ‘authorized person’ or having it approved by an authorized person. FCA defines an ‘authorized person’ as an entity or individual authorized to carry out a regulated activity under the Financial Services and Markets Act (FSMA) 2000.

The last two options are to communicate the promotion through a crypto firm registered under the UK money laundering regulation or apply the exemption provided by the Financial Promotion Order of the FSMA. Promotions covered by the rules include website, mobile app and social media posts as well as online advertising.

In early July, FCA disclosed that it was finalizing regulations around cryptocurrency marketing and advertising in the country. The rules were proposed as the number of crypto holders in the UK more than doubled in the past year.

The financial watchdog noted that the new rules will require ‘clear risk warnings’ on any crypto advertisements or promotions. It will also ban investment incentives that came in the form of ‘refer to a friend’ or ‘new joiner bonuses’ schemes.

FCA Calls for Preparation

Meanwhile, McLoughlin and Castledine in the letter released on Monday noted that crypto asset firms, including those based overseas but marketing to UK customers, can get ready for the new regime by considering which of the four legal routes they can adopt and how they will meet the requirements of that route.

They also urged the firms to consider how they will deal with UK customers if they are unable to communicate their crypto-related promotions with them.

“We expect firms to clearly communicate any changes to services they will provide to UK consumers and give consumers adequate time to respond to any changes before they go into effect,” the FCA executives added.

Furthermore, the FCA leaders noted that they expect companies that decide to no longer offer their services to UK consumers to “have in place orderly wind-down plans to minimize any impact on UK consumers.”

Moreover, they pointed out that putting out crypto promotions without following any of the four stated routes will be considered a criminal offence punishable by up to 2 years imprisonment, an unlimited fine, or both. Other measures will include ordering the shutting down of websites, social media accounts and apps, among others.

Meanwhile, UK monarch, King Charles III last week approved as law a new bill that classifies the trading of cryptocurrencies as a regulated activity and brings stablecoins under the scope of payment rules. The bill also includes measures to control the promotion of digital assets.

XS.com appoints MENA Director; FMA issues new warnings; read today's news nuggets.

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