“UK Financial Conduct Authority: Prior Approval Required for KOL Advertising of Financial Products”

"UK Financial Conduct Authority: Prior Approval Required for KOL Advertising of Financial Products"

"UK Financial Conduct Authority: Prior Approval Required for KOL Advertising of Financial Products"

According to the official statement released by the Financial Conduct Authority (FCA) in the United Kingdom, the regulatory body has developed guidelines for influencers who promote cryptocurrencies (or other investments) through memes, live streams, and other means. The FCA states that so-called “financial influencers” must obtain approval from a designated representative of the FCA before promoting or publishing memes, advertisements, or related content regarding financial products and services. The regulatory body also highlights the prevalence of meme marketing in the cryptocurrency industry, even to the extent of having a dedicated meme coin market.