Draft FPO amendments

Draft amendments to the FPO have been published, which would:

• create a new exemption for crypto exchange and wallet providers who are registered with FCA for AML purposes but not authorised under FSMA, which will allow them to communicate their own financial promotions; and
• incorporate activities relating to qualifying cryptoassets into the list of “controlled activities”, to make them subject to the financial promotion restrictions, and incorporate a new definition of “qualifying cryptoasset” .

It is intended that the exemption will be temporary, while the Government consults on and decides on how it is bringing crypto-related activities within the FSMA and RAO regimes.