The rule.
“the financial promotion relates to a non-readily realisable security, P2P agreement, P2P portfolio or a unit in a long-term asset fund”
Verbatim extract, read on 4 November 2026 from the source below. Everything else on this page is NorthPoint’s plain-English reading.
What it requires.
- The rule sits under the heading 'Restrictions on monetary and non-monetary incentives'. Paragraph (1) sets the restriction on offering an incentive to invest.
- Its only exception (paragraphs (2)–(3)) needs both an incentive that is the promoter's own product or service and a promotion for a non-readily realisable security, P2P agreement, P2P portfolio or LTAF unit. A cryptoasset promotion cannot meet the second condition.
Who it applies to.
Firms, and registered persons relying on Article 73ZA, communicating or approving financial promotions for restricted mass market investments — a category that includes qualifying cryptoassets.
Common violations in marketing copy.
Get £10 of bitcoin when you make your first trade.
A monetary incentive conditional on investing.
Invite a friend — you both get £20 in crypto.
An incentive to invest, paid on the new investor's first purchase.
Non-compliant vs compliant.
“Deposit £100 this week and we'll add £20 of ETH.”
“Lead the UK funnel with the product — fees, assets, custody, support — and no bonus or referral reward conditional on investing.”
Related rules.
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COBS 4.12A.11R(1)(d) · United Kingdom
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COBS 4.12A.21R · United Kingdom
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COBS 4.12A.28R · COBS 10.1.2R · United Kingdom
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UK cryptoasset financial promotions (FSMA s21, the FPO and FCA COBS).
Source.
| Instrument | FCA Handbook, COBS (as amended by the Cryptoasset Financial Promotions Instrument 2023, FCA 2023/27) |
|---|---|
| Provision | COBS 4.12A.7R |
| Primary source | https://www.handbook.fca.org.uk/instrument/2023/FCA_2023_27.pdf |
| Official text | https://www.handbook.fca.org.uk/handbook/COBS/4/ |
| Read from | FCA 2023/27 as made (in force 8 October 2023), read from the FCA Handbook instrument PDF; the consolidated Handbook page is a script-rendered app the build session could not read |
| Checked |
This page is general, sourced information for marketing teams, not legal advice. The examples are written by NorthPoint to illustrate the rule; for a binding view on your own promotion, retain qualified counsel in the jurisdiction concerned.