The Financial Conduct Authority is proposing to strengthen its promotions rules to protect consumers from high-risk investments, including cryptocurrencies, mini-bonds, peer-to-peer lending and certain crowdfunding.
Under the proposed rules, firms that approve and communicate financial marketing would have to demonstrate relevant expertise and understanding of the investments being offered, improve risk warnings on ads and ban investment incentives such as free money for new joiners or refer-a-friend bonuses.
Argo Blockchain PLC said it allocated 10% of its crypto assets to its in-house innovation arm, Argo Labs, and named a new head of the division.
The cryptocurrency miner said Argo Labs, which invests in new crypto innovations, NFTs and the metaverse, was established to identify opportunities within the “disruptive and innovative” corners of the cryptocurrency ecosystem while “supporting the decentralization of various blockchain protocols”.