Cryptocurrency advertising needs to be regulated – but is the FCA up to the task?

The new rules won’t come in until the summer but this is a market moving at the speed of the asteroid that recently passed close to Earth – with all its destructive potential, writes James Moore

The Financial Conduct Authority is looking at cryptocurrency advertising (PA)

I made stacks of cash from crypto by following my investment guru. If you click through to his website, you could, too!”

That was what the tweet said, more or less. Needless to say, I didn’t click through. I deleted the text that said much the same thing. I didn’t bother to open the email. Trouble is, there are plenty who do.

The Financial Conduct Authority (FCA) has just announced a consultation that aims to reduce their numbers by tightening up the rules around promoting high-risk investments, which will bring unregulated cryptocurrency schemes under its scope.