Argentina Bans Payment Apps from Offering Crypto Services to Customers

Previously, the UK would limit crypto advertising and ban the provision of services by unauthorized operators. The measures, are now officially included in the government’s Financial Services and Markets Bill.

Reporting from CoinDesk, Saturday, November 5, 2022, the bill was agreed last week by the UK Bill Committee, despite concerns from the industry that the move could complicate ad approval.

In April 2022, Rishi Sunak, at the time serving as minister of finance, said he wanted to make the country a crypto hub and the government had proceeded with its regulatory agenda. When Sunak became British prime minister, it gave him the power to make it happen.

Then on Oct. 25, minister Andrew Griffith told lawmakers the act gave him the power to regulate a wider range of crypto activity outside of stablecoins, such as activity related to trading and investing in crypto assets.

The new clauses officially approved on Thursday potentially expand existing rules that prevent the promotion or provision of financial services by unauthorized companies.

It can now include cryptographically guaranteed representation of value and rights in a way like Bitcoin-style distributed ledger technology.

Griffith has promised consultations on exactly how that power should be used before Christmas, and regulators the Financial Conduct Authority have tentatively set out how they want to limit crypto advertising.

This is not the first time this regulation of crypto advertising has occurred, previously the Singapore government has restricted crypto-related advertisements. Singapore will ban crypto advertising in public areas and on social media in January 2021.