The UK’s Financial Conduct Authority (FCA) plans to spend £11 million (~$15.1 million) on marketing campaign to warn people of the risks associated with the cryptocurrency market, Nikhil Rathi, FCA CEO, said in a statement.
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He also says the watchdog has seen an "explosion among younger people" speculating on cryptocurrencies. Rathi added there is evidence that, as with the GameStop episode, more people consider cryptocurrencies as entertainment.
"This is a category of consumer that we are not used to engaging with – 18 to 30-year-olds more likely to be drawn in by social media," the FCA CEO added.
Rathi once again reminded investors in cryptocurrencies should be prepared to lose all their money as technology behind these assets collides with "increasing consumer freedoms." Earlier in July, the Advertising Standards Authority (ASA) announced it is planning to put more pressure on regulating cryptocurrency-related advertisements.
According to Miles Lockwood, Director of Complaints and Investigations at ASA, the UK watchdog will crack down "hard and fast" because it sees cryptocurrencies as a "red alert" priority.
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