The Advertising Standards Authority (ASA) is planning to put more pressure on regulating cryptocurrency-related advertisements, Financial Times (FT) has learned. According to Miles Lockwood, Director of Complaints and Investigations at ASA, the UK watchdog will crack down "hard and fast." Lockwood also says the regulator sees cryptocurrencies as a "red alert" priority.
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"We see this as an absolutely crucial and priority area for us. Where we do find problems we will crack down hard and fast," Lockwood told FT.
The ASA's move comes after the Financial Conduct Authority (FCA) revealed that the majority of cryptocurrency-related companies is not complying with anti-money laundering rules. According to the FCA, only five firms registered with the watchdog since January, while 90 have temporary registration.
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