The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 is a United Kingdom statutory instrument, cited as S.I. 2023/612, that brought promotions relating to qualifying cryptoassets within the financial promotion framework under section 21 of the Financial Services and Markets Act 2000. The Order was made on 7 June 2023. Its FCA rulemaking and guidance provisions commenced on 8 June 2023, while its remaining provisions came into force on 7 October 2023. The FCA rules used to operate the regime took effect on 8 October 2023.
What the 2023 Financial Promotion Amendment Order changed
The Order amended the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It inserted qualifying cryptoassets as controlled investments and added dealing, arranging, managing and advising activities involving those assets to the list of controlled activities. As a result, a business communication made in the course of business may fall within the section 21 restriction when it invites or induces a person to engage in those activities.
Qualifying cryptoasset definition
The 2023 definition covered a cryptographically secured digital representation of value or contractual rights that can be transferred, stored or traded electronically and uses technology supporting the recording or storage of data. To qualify under the inserted paragraph 26F, the asset also had to be fungible and transferable. Exclusions included investments already controlled elsewhere in the 2005 Order, electronic money, fiat currency, digitally issued fiat currency and certain limited-use tokens that could not generally be transferred or sold.
Registered cryptoasset business exemption
New article 73ZA created a limited route for a cryptoasset exchange provider or custodian wallet provider registered with the FCA under the UK money laundering regulations, but not otherwise authorised under FSMA, to communicate its own promotions relating only to qualifying cryptoassets. A communication made on its behalf could qualify only when it was non-real-time and the registered person prepared the content. The exemption did not permit the registered business to approve another business's promotions.
FCA rules and lawful communication routes
The Order also applied and modified FSMA provisions so the FCA could make financial promotion rules for registered persons and use supervisory and enforcement powers, including directions, information requirements, investigations, public censure, financial penalties and restitution-related powers. Separate FCA rules classify qualifying cryptoassets as Restricted Mass Market Investments for retail promotion purposes.
The FCA describes four principal routes for communicating an in-scope promotion to UK consumers: communication by an authorised person; communication by an unauthorised person after approval by an appropriately permitted authorised person; communication by an FCA-registered cryptoasset business relying on article 73ZA; or reliance on another applicable exemption in the Financial Promotion Order. Promotions using the first three routes must also satisfy relevant FCA rules.
Those FCA rules include the overarching requirement that promotions be fair, clear and not misleading, together with prescribed risk warnings, restrictions on incentives to invest, a 24-hour cooling-off period for first-time investors, client categorisation and appropriateness assessments. These detailed conduct standards come from the FCA Handbook rather than directly from the 2023 Order. The FCA states that unlawful communications may constitute a criminal offence carrying an unlimited fine, up to two years' imprisonment, or both.
Current status and scheduled 2027 transition
As of 18 June 2026, S.I. 2023/612 remains in force and the cryptoasset financial promotion regime remains operative. However, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, S.I. 2026/102, establish a wider cryptoasset regulatory framework scheduled for full commencement on 25 October 2027. On that date, the 2026 Regulations are set to replace the Financial Promotion Order's qualifying-cryptoasset definition and omit article 73ZA.
The 2023 Order should therefore be read as the legal foundation of the current promotion perimeter, not as a complete licensing regime for cryptoasset activity. Its treatment will require review when the 2026 framework fully commences and whenever related FCA Handbook rules or statutory amendments change.