In the UK, you could end up in prison if you create memes using cryptocurrencies

Memes that do not comply with financial promotion rules could see their creator sentenced to two years in prison under a proposal from the Financial Supervision Authority.

New guidance proposed by the UK's financial regulator will impact the creation and dissemination of memes. The Financial Conduct Authority has published proposed guidance on financial promotion on social media which focuses on promotional memes and financial influencers – “influencers”.

The Financial Conduct Authority (FCA) has confirmed that there are memes circulating online that hide promotions from financial companies. In this regard, he said that influencers sell these products to those with little knowledge, and that they generally target a younger audience.

The Financial Conduct Authority (FCA) considers cryptocurrencies to be a high-risk investment. They can be advertised to retail investors generally, but there are requirements such as including risk warnings and prohibiting investment incentives.

The entity also said that such promotions could constitute a crime punishable by up to two years in prison, an unlimited fine, or both. The law applies even to promotions from outside the UK which could have an impact in the country.

See also  Legal gift that is still a hoax

Leave a Reply

Your email address will not be published. Required fields are marked *