According to the United Kingdom’s financial watchdog, new proposed advertising rules in the country could subject executives of crypto firms to up to two years in prison for failing to meet certain promotion requirements.

The UK Financial Conduct Authority revealed in a 6 February statement that if the Parliament approves the proposed “financial promotions regime,” all crypto firms in the country and abroad will be required to follow certain requirements when they advertise their crypto services to customers in the U.K.

The FCA stated that crypto asset businesses marketing to UK consumers, including those based outside the U.K., must prepare for this regime. According to the regulator, acting now will help ensure that crypto firms can continue to legally promote their services to UK consumers.

(By Suzuki Shillsalot)