The regulator recalled that violators could face criminal liability, including fines and a prison term of up to two years.

For crypto companies, including those based abroad, the promotion will be legal if its organizer:

• is a market participant registered with the FCA;
• received approval from a similar firm;
• submitted an application to the FCA Department for Money Laundering and Terrorist Financing;
• complies with the exceptions provided by the Law on Financial Services and Markets.