UK Finance Minister Rishi Sunak believes that cryptocurrencies have the capacity to provide new opportunities to the population of the United Kingdom (UK). Yet at the same time he expressed concern over the issue of misleading advertising, which could be a hindrance.
According to Sunak, cryptocurrencies can offer new ways for the public to conduct transactions and make a profit through investments in relatively new asset classes.
Chancellor Rishi Sunak stated that the UK government is ready to support the growth of such assets in their regulation. This is because the administration has identified the benefits associated with stablecoin especially the potential in launching payment transactions.
In an optimistic mood to express support, the UK government at the same time reiterated that they are committed to protecting the population from misleading advertisements that could lead to huge losses.
According to Sunak, “Crypto assets can provide exciting new opportunities, offer people new ways to transact and invest, but it is important that consumers do not sell products with misleading claims. We will ensure consumers are protected, while also supporting innovation in the crypto asset market, ”he said.
Based on a report earlier this month, several crypto companies have advertised misleading crypto -related advertising on public transportation. The UK administration is adamant to ban it to protect the public from venturing into risky investments.
Following an increase in misleading crypto-related advertisements, the UK government is proposing a new law that would require such firms to seek approval from the authorities. Once the law is amended, ads related to digital assets will have standards similar to other financial instruments such as stocks and shares.
According to recent developments, it is important to strengthen the rules governing promotions for asset classes in the United Kingdom because people who have shown interest in owning cryptocurrencies, may not have a clear understanding of cryptocurrencies.
