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Table of Contents A UK minister of parliament recently wrote to the Financial Conduct Authority (FCA) urging the regulator to take a softer line on crypto firms as they adjust to the new advertising rules. Soften your approach Andrew Griffith, Economic Secretary to the Treasury, has written to the FCA, urging it not to inflict harsh penalties on cryptocurrency companies that are still coming to grips with what they say is an extremely broad interpretation of the new advertising regulations. Another point of contention according to Griffith is that the FCA has not yet published final guidance on what crypto companies should be doing in order to make sure that they stay compliant with the new rules. FCA gave plenty of warnings The FCA for its part has expressed some annoyance at the failure of certain cryptocurrency projects to get their house in order before the new regime came into effect, saying that all crypto companies that were operating in the UK had been warned by the regulator in plenty of time to make the necessary changes. A tug-of-war  That being said, according to an article published in the UK’s Financial Times on Saturday, there is a growing frustration in some government circles that the FCA does not have the expertise and know-how with which to regulate such a complex sector as crypto. On the one hand the government is publicly saying that it is very keen to make the UK a place that welcomes innovative companies from the crypto industry, and going so far as to state that it desires to become the foremost hub for crypto in Europe. However, on the other hand, there are still those who are very entrenched in the legacy monetary system with much power and influence at the top of the Bank of…

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Filed under: News - @ October 16, 2023 1:24 pm