In this episode, we present an audio version of Bitcoin Policy UK’s response to the FCA’s consultation GC23/1 || PS23/6 on cryptoasset financial promotions, originally published on 5 August 2023.
You’ll hear a clear explanation of why the proposed rules risk misunderstanding Bitcoin, misclassifying it, and pushing consumers into harm’s way, the opposite of what good regulation should achieve.
🔍 What this episode covers
In this spoken paper, we walk through the key arguments and evidence submitted to the FCA, including:
🔹 The FCA’s core mistake: treating all “cryptoassets” as the same
The response explains why Bitcoin is fundamentally different - a protocol, a network, and a digital commodity with no issuer - and why the FCA’s “restricted mass market investment” label is logically and practically flawed.
🔹 Why miscategorising Bitcoin creates enforcement, logic, and consumer-protection problems
From 24/7 global liquidity to permissionless use, the paper explains why Bitcoin simply doesn’t fit the Restricted Mass Market Investment (RMMI) framework.
🔹 The unintended consequences of the new rules
Feedback from UK firms highlights how poorly-designed regulation could:
🔹 Why the current regulatory approach risks becoming paternalistic
The FCA should protect consumers from misleading promotions, not decide what adults should invest in.
🔹 Why the FCA must distinguish between staking, borrowing/lending, and speculative yield schemes
Lumping everything together obscures risks, confuses consumers, and creates regulatory blind spots.
🏛️ Key themes
📄 Read the full written paper here:
👉 Response to FCA on Cryptoasset Financial Promotions
To find out more about Bitcoin Policy UK's work and how you can get involved, visit:
