The crackdown on the cryptocurrency industry in the “Wild West” is delayed

Action against cryptocurrencies has been delayed.

The Financial Conduct Authority said tougher regulations on cryptocurrency marketing would come into force next month, but companies can request more time to comply with the rules, such as a 24-hour cooling-off period.

The companies could be given until January 8th, it said. The rules should come into force from October 8th.

The delay is a blow to campaigners who have argued that protections must be introduced immediately to help vulnerable consumers.

The FCA has criticized some companies.

The Financial Conduct Authority said stricter regulations on the marketing of crypto assets would come into force next month as planned, but companies could request more time to comply

“We are concerned about the failure of many foreign and unregulated crypto firms to engage with us on the rules,” said Lucy Castledine, director of consumer investment.

“We will take action against companies that market illegally to British consumers.”

Violations of the rules, which aim to make the marketing of crypto assets clearer and more accurate and ban incentives such as “refer a friend” bonuses, could be punishable by an unlimited fine or up to two years in prison.

The regulator reiterated that crypto assets are high risk and buyers should be prepared to lose all their money.