FCA Handbook - CRYPTO 3.12 Advertisements and other disclosures of information

You are viewing CRYPTO 3.12 Advertisements and other disclosures of information as it appeared on 25/10/2027. The current version of CRYPTO 3.12 Advertisements and other disclosures of information was last updated on 25/10/2027.

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CRYPTO 3.12 Advertisements and other disclosures of information

Application

This section applies to the communication of an advertisement where:

(1) the advertisement relates to:
1. (a) the admission to trading of a qualifying cryptoasset on a retail UK QCATP;
2. (b) the proposed admission to trading of a qualifying cryptoasset on a retail UK QCATP; or
3. (c) the offer of a qualifying cryptoasset to the public made in reliance on paragraph 6(a) of Schedule 1 to the Cryptoassets Regulations because the offer is conditional on the admission to trading of the qualifying cryptoasset on a retail UK QCATP; and
(2) a QCDD is required to be published by CRYPTO 3.3.1R(1) in connection with the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

This section does not apply to the communication of an advertisement that relates to a UK qualifying stablecoin.

In this section a QCDD or supplementary disclosure document is relevant to an advertisement where:

(1) the QCDD or supplementary disclosure document is required to be published by CRYPTO 3.3.1R(1) or CRYPTO 3.3.4R in connection with the admission to trading of the qualifying cryptoasset concerned on a retail UK QCATP; and
(2) the advertisement relates to:
1. (a) the admission to trading of that qualifying cryptoasset on the retail UK QCATP;
2. (b) the proposed admission to trading of that qualifying cryptoasset on the retail UK QCATP; or
3. (c) the offer of that qualifying cryptoasset to the public made in reliance on paragraph 6(a) of Schedule 1 to the Cryptoassets Regulations because the offer is conditional on the admission to trading of the qualifying cryptoasset on the retail UK QCATP.

Consistency of information

All information disclosed in oral or written form as an advertisement must be consistent with any relevant QCDD or supplementary disclosure document and must:

(1) not contradict information in the QCDD or a supplementary disclosure document, where already published;
(2) not contradict information to be included in the QCDD or a supplementary disclosure document which is to be published at a later date; and
(3) not refer to information which contradicts information in the QCDD or a supplementary disclosure document.

Disclosure of information

Where there is an offer of a qualifying cryptoasset to the public and material information is disclosed by, or on behalf of, the person responsible for the offer and addressed to a person considering buying or subscribing for the qualifying cryptoasset, regulation 11(2) of the Cryptoassets Regulations may require that information to be disclosed in the relevant QCDD or in a supplementary disclosure document.

An advertisement must:

(1) state that a QCDD or supplementary disclosure document has been, or will be, published and indicate where investors are, or will be, able to obtain it, noting the identification requirements in CRYPTO 3.12.8R;
(2) be clearly recognisable as an advertisement and include the word ‘advertisement’ in a prominent manner;
(3) be accurate and not misleading; and
(4) include a recommendation that potential investors read the QCDD and any supplementary disclosure documents before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the qualifying cryptoasset.

Information disclosed in the advertisement in oral or written form must not present the information in the QCDD or supplementary disclosure document in a materially unbalanced way, including by:

(1) presenting negative aspects of information with less prominence than the positive aspects; or
(2) omitting or selectively presenting certain information.

Identification of the QCDD or supplementary disclosure document

An advertisement must clearly identify any relevant QCDD or supplementary disclosure document by:

(1) identifying the website on which the QCDD or supplementary disclosure document is published, or will be published, where the advertisement is disseminated in written form and by means other than electronic means;
(2) including a hyperlink to the QCDD or supplementary disclosure document where the advertisement is disseminated in written form by electronic means, or by including a hyperlink to the page of the website where the QCDD or supplementary disclosure document will be published if those documents have not yet been published; and
(3) including accurate information about:
1. (a) where the QCDD or supplementary disclosure document may be obtained; and
2. (b) the admission to trading of the qualifying cryptoassets on a retail UK QCATP to which it relates,
where the advertisement is disseminated in a form or by means not falling within the scope of (1) or (2).

Where an advertisement is disseminated in an oral form, the purpose of the communication must be clearly identified at the beginning of the message.

Advertisements in written form which are disseminated to potential retail investors must be sufficiently different in format and length from the QCDD or supplementary disclosure document that no confusion with the QCDD or supplementary disclosure document is possible.

Dissemination of advertisements

Advertisements disseminated to potential investors must be amended where:

(1) a relevant supplementary disclosure document is published; and
(2) the new information, mistake or inaccuracy mentioned in that supplementary disclosure document renders the previously disseminated advertisement materially inaccurate or misleading.

With the exception of orally disseminated advertisements, advertisements amended pursuant to CRYPTO 3.12.11R must be disseminated through, at a minimum, the same method as the previous advertisement.

CRYPTO 3.12.11R does not apply after the time when trading on a retail UK QCATP of the qualifying cryptoasset to which the advertisement relates has begun.

Advertisements amended pursuant to CRYPTO 3.12.11R must be disseminated to potential investors without undue delay following the publication of the supplementary disclosure document and must contain:

(1) a clear reference to the inaccurate or misleading version of the advertisement;
(2) an explanation that the advertisement has been amended as it contained materially inaccurate or misleading information; and
(3) a clear description of the differences between the two versions of the advertisement.

Point In Time

25/10/2027