Things aren't funny in the UK anymore as their regulatory body plans to restrict crypto memes. In other words, if this plan becomes law in the UK, crypto firms and communities might have to slap a disclaimer when making crypto jokes. But why exactly will a UK crypto regulation body be making this type of weird law?
There are plans to provide new and improved guidelines regarding financial promotions, especially on social media. Undoubtedly, crypto memes have a significant impact on social media engagement. For instance, think of tweeting the Bitcoin pizza joke.
However, if the proposed plan by UK regulatory authorities becomes law, individuals and brands who make certain jokes may be fined significantly. The regulator behind this new law claims that meme tokens are sometimes promoted through humorous crypto memes.
Just to clarify, meme coins are tokens that originated from popular jokes or memes. Examples of these include Dogecoin and the Pepe token. Due to the potential for significant profits, many people are attracted to investing in these types of tokens.
Back to the new development, the Financial Conduct Authority (FCA) wants to modify its rules. These modifications might see many brands pay heavy fines or get expelled from the UK. Apparently, the FCA intends to add crypto memes as one of the things that will be regulated online. While many crypto users might kick against this new rule, the Financial Conduct Authority says it is for the good of UK residents.
New FCA Bill To Protect UK Citizens
Since the new plans to ban crypto memes came up, it has created a bit of an uproar from the crypto community. Why should UK crypto regulations interfere with people's right to make jokes? After all, assuming it wasn't tagged crypto, it will just be like normal jokes.
Well, the FCA claims they are proposing this new law for the good of UK citizens. They allege some brands intentionally create crypto memes to market some meme coins and other cryptocurrencies.
The FCA says:
"Firms are reminded that any type of communication is capable of being a financial promotion and subject to S21 [part of the law governing financial promotions]. We have seen memes and other similar communications circulated on social media with users often not realizing they are subject to our rules."
Many Meme Token Projects to be Affected
During the bearish trends that occur in the crypto market, humor can help the community cope with the difficulties of trading. If you have experienced losses in the market, it can be helpful to find ways to laugh off the frustrations. However, the FCA may be looking to put an end to this practice.
From their own point of view, many crypto brands are using these memes to exploit crypto users. Since the FCA are keen on their new agenda, many meme token projects will be heavily affected in the United Kingdom. Any day this plan is signed into law, it simply means that many crypto meme coin projects in the UK will quit being funny. Nevertheless, since the plan hasn't been signed into law, there's still time to catch up on as many funny crypto memes as possible.