Legislation to protect UK consumers from misleading cryptoasset promotions is set to come into force later this year.
The new legal rules will also apply to companies based overseas, according to a tweet from HM Treasury.
A draft of the Financial Services and Markets Act amendment, published this week, will enable the Financial Conduct Authority to regulate crypto firms under existing promotions law.
Companies that are registered with the FCA will be able to approve their own ads for a limited period of time.
The Financial Services and Markets Act is set to be debated in Parliament.
Cryptocurrency shorts
FTX founder Sam Bankman-Fried has been charged with directing $40 million in bribes to Chinese officials to unfreeze cryptoassets, reports the Associated Press.
American crypto exchange Kraken is to sponsor the Williams Racing F1 team. Its logo will be included on race cars, while they will also feature customer-owned NFT artwork at select races.
Cryptocurrency clients of the collapsed Signature Bank have reportedly been given until 5th April to withdraw their funds or have their accounts closed by the federal regulator.
NFT project y00ts is migrating from the Solana blockchain to Polygon network in an effort to speed up transaction times and reduce network fees. Maker DeLabs received a $3m grant from Polygon to facilitate the move. Holders who do not migrate their y00ts NFTs by 3rd April will face a 33.3% ‘Paper Hands Bridge Tax’ payable through increased royalty fees. Its sister project DeGods will bridge over to Ethereum.
Staking protocol developer EigenLabs has raised $50m in Series A funding led by Blockchain Capital.
Crypto infrastructure startup Conduit has raised $7m seed funding led by Paradigm.
A new investment fund from Crypto 1 totalling $500m will be invested in blockchain, Crypto, Web3 and FinTech companies.
Tech Nation in talks with Founders Forum as winding-up date nears
Crypto prices
The overall market cap of the 23,000 coins is at $1.16 trillion at the time of writing (7am UK), a 2.9% increase in the last 24 hours.
For round-ups of recent cryptocurrency news developments, click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.