FCA Deploys Cartoon to Explain Cryptocurrency Rules

Since the publication of its marketing regulations for cryptocurrency companies in June, the Financial Conduct Authority (FCA), which is the financial regulator in the United Kingdom, has shown a strong commitment to promoting these rules.

Currently, it has discovered a method to bring them to life, and it is doing it by using a pixelated Wild West cartoon in order to educate investors. On December 13, the Financial Conduct Authority (FCA) uploaded an MP4 file to its website.

The file contained a one-minute animation that imitated the look and sound of a video game. The cartoon is featured as a standalone on the publications page, without a caption or explanation, and is not published as part of a press release.

Source: The Financial Conduct Authority.

A cartoon that shows how to determine whether or not cryptocurrency companies adhere to the marketing restrictions established by the FCA.

It is against the rules for promotional activities involving cryptocurrencies to offer free gifts or referral bonuses, and they are required to show a “prominent” warning regarding the possibility of losing money while investing in cryptocurrencies.

While the narrator utters these guidelines, the main character of the cartoon, dressed in a cowboy hat, rides a horse through the Wild West environment. A golden coin representing the cryptocurrency is placed over a well and falls directly in front of the investor’s cowboy.

As soon as she hears the narrator’s warning about businesses that do not comply with the FCA’s marketing standards, she hangs up a banner that says “Wanted” and features the visage of a green snake. The snake also wears a teeny-tiny cap.

The Financial Conduct Authority has issued a number of warnings and reminders since releasing the new regulations on June 8. Even more, it has extended the deadlines for technical work from October 8th to January 8th, 2024.

Source: The Financial Conduct Authority

Several market participants, notably Marinade Finance, the largest decentralized finance (DeFi) protocol operating on the Solana blockchain, have declared their withdrawal from the United Kingdom in response to the laws.

Despite the implementation of these specific measures, market participants, notably Marinade Finance, the largest decentralized finance (DeFi) protocol operating on the Solana blockchain, have declared their withdrawal from the United Kingdom.