Section 21 FSMA, the Financial Promotion Order, and COBS 4.12A. In force since 8 October 2023, hardened by the February 2026 HTX enforcement action. Applies to any firm whose promotion reaches UK consumers.
One perimeter question — the Section 21 gateway — then four content rules: prescribed risk warning, 24-hour cooling-off, personalised risk warning + appropriateness, and an incentives ban. Stricter than MiCA.
Core rules finalised ~1 July 2026, pre-application meetings open now, window runs 30 September 2026 to 28 February 2027, full regime from 25 October 2027.
Who may lawfully communicate a crypto promotion to UK consumers. Getting it wrong is a criminal offence under FSMA s25.
The exact warning, in the prescribed wording, with prominence requirements. Post-HTX, the line FCA examiners start at.
No purchase within 24 hours of the direct-offer promotion. A funnel-design constraint, not a footer note.
A sequenced flow with deliberate friction before a first-time investor can transact — not a checkbox.
Refer-a-friend, sign-up bonuses, “trade $X get $Y” — banned in the UK cryptoasset perimeter.
A shirt, stadium board or ambassador post can be a Section 21 promotion — after the FCA’s June 2026 letter to every UK football club.
Open FCA consultation — CP26/19, closes 10 August 2026.
On 15 June 2026 the FCA published CP26/19: Changes to our penalty and decision-making policies, on changes to the Decision Procedure and Penalties Manual (DEPP). One proposal makes amendments “extending our penalty framework to cover cryptoasset market abuse and reflect new powers under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026”; another raises the minimum penalty for individuals in the most serious market-abuse cases from £100,000 to £150,000. Feedback by 10 August 2026, via the FCA’s online form or in writing to Enforcement Law and Policy, FCA, 12 Endeavour Square, London E20 1JN.
General, sourced information — not legal advice. Read the paper: CP26/19 → · Last reviewed: 7 August 2026, against the FCA publication page dated 15 June 2026.
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