UK watchdog warns crypto firms to prepare for tougher rules on adverts

LONDON (Reuters) - Britain's financial watchdog warned crypto businesses on Monday to get ready for tighter rules on advertising later in the year, warning that any breaches could mean up to two years in prison.

"All cryptoasset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime," the Financial Conduct Authority said in a statement. "Firms must start preparing now for this regime. We will take robust action against firms breaching these requirements."

(Reporting by Huw Jones, Editing by Louise Heavens)