On the Record by Bitcoin Policy UK
The UK's Bitcoin policy conversation
On the Record by Bitcoin Policy UK brings the organisation’s latest work and thinking to audio. Listen to policy papers, consultation responses, research briefings, commentary, and interviews with members of the BPUK team.
Covering Bitcoin regulation, CBDCs, financial freedom, digital finance trends, and more, the podcast helps policymakers, professionals, and those exploring Bitcoin stay informed on the issues shaping its future in the UK and beyond.
Learn more at https://bitcoinpolicy.uk/
On the Record by Bitcoin Policy UK
Response to FCA on Cryptoasset Financial Promotions
In this episode, we present an audio version of Bitcoin Policy UK’s response to the FCA’s consultation GC23/1 || PS23/6 on cryptoasset financial promotions, originally published on 5 August 2023.
You’ll hear a clear explanation of why the proposed rules risk misunderstanding Bitcoin, misclassifying it, and pushing consumers into harm’s way, the opposite of what good regulation should achieve.
🔍 What this episode covers
In this spoken paper, we walk through the key arguments and evidence submitted to the FCA, including:
🔹 The FCA’s core mistake: treating all “cryptoassets” as the same
The response explains why Bitcoin is fundamentally different - a protocol, a network, and a digital commodity with no issuer - and why the FCA’s “restricted mass market investment” label is logically and practically flawed.
🔹 Why miscategorising Bitcoin creates enforcement, logic, and consumer-protection problems
From 24/7 global liquidity to permissionless use, the paper explains why Bitcoin simply doesn’t fit the Restricted Mass Market Investment (RMMI) framework.
🔹 The unintended consequences of the new rules
Feedback from UK firms highlights how poorly-designed regulation could:
- Drive consumers toward offshore, unregulated providers
- Increase customer harm
- Undermine UK competitiveness
- Burden compliant firms while bad actors flourish
🔹 Why the current regulatory approach risks becoming paternalistic
The FCA should protect consumers from misleading promotions, not decide what adults should invest in.
🔹 Why the FCA must distinguish between staking, borrowing/lending, and speculative yield schemes
Lumping everything together obscures risks, confuses consumers, and creates regulatory blind spots.
🏛️ Key themes
- Bitcoin ≠ crypto.
- Regulation should focus on behaviour of firms, not assets themselves.
- Poorly conceived rules can be harmful, unenforceable, and counterproductive.
- Differentiation, clarity, and proportionality are essential, particularly for an asset as unique as Bitcoin.
📄 Read the full written paper here:
👉 Response to FCA on Cryptoasset Financial Promotions
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