Prohibition of "leaking"? HM Treasury cracks down on cryptocurrency advertising

The Bank of England said on Tuesday that it intends to regulate advertising of cryptocurrencies as a financial instrument and to ensure that its advertising is "fair, transparent and fraud-free".

A day ago, the Spanish regulator issued a statement similarly banning ads promoting cryptocurrency, saying the ad should warn investors or lose all leaders.

The Bank of England said in a statement: "Research shows a misunderstanding of cryptocurrencies, showing that some users may not fully understand what they are buying."

Cryptocurrencies have attracted viewers from all over the world due to their immutable prices, difficult products and lack of consumer protection.

The UK Monetary Authority (FCA) regularly warns of the risks of cryptocurrencies. Last year, the Instagram post of American critic Kim Kardashian sparked outrage from FCA Chairman Charles Randell, who urged regulators to use more force to protect property users.

According to UK government estimates, 2.3 million people in the UK own crypto assets. The Treasury said stricter rules will be implemented over the last six months once completed.

Additionally, the UK regulator announced on January 5 that it had banned two advertisements for Crypto, which deals with cryptocurrency (virtual currency) exchanges and payment services.