New crypto traders need 'cooling-off' period rules UK watchdog
UK crypto firms will be required to introduce a “cooling-off” period for new investors and warn traders that they won’t be protected should their investments not pan out. This is under new rules, set to come into force from October. The new regulations, imposed by the UK’s Financial Conduct Authority (FCA), state that firms offering crypto services and products will need to include clear risk warnings in their adverts. According to the watchdog, one example would include telling customers they shouldn’t expect protection “if something goes wrong” and should be prepared to lose all the money they invest. Customers should also be advised to “ take two mins to learn more ,” and bonuses for introducing friends to products will also be banned, the FCA also said. “It is up to people to decide whether they buy crypto,” the FCA’s executive director of consumers and competition told The Guardian. “But research shows many regret making a hasty decision. Our rules give people the...