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The U.K. Could Ban Memes Promoting Cryptocurrency. Will the U.S. Follow Suit?
How the U.K. is going after crypto memes
The U.K.'s Financial Conduct Authority (FCA) recently announced that a revamp of its social media regulations is coming. The agency says the goal is to combat illegal and non-compliant financial promotions, and it honed in on cryptocurrency memes in its recent guidance.
The regulator said in a recent statement that crypto memes that have been circulated and shared online are subject to the FCA's rules. The firm gave an example of a seemingly innocuous meme that showed how easy it is to invest in crypto and said that these posts are subject to the FCA's rules on promoting investments.
Specifically, the FCA wants online financial influencers, sometimes called "finfluencers," to mention the risks of crypto investing and disclose that they're receiving compensation for the promotion.
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