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🇬🇧UK regulators put crypto sponsorships and stablecoins under fresh scr…
🇬🇧UK regulators put crypto sponsorships and stablecoins under fresh scrutiny 🔵In a press release dated June 3, the FCA has warned UK football clubs, including Premier League teams, against sponsorship deals with unauthorized crypto and trading firms, noting that fans may face serious financial losses when engaging with unregulated platforms. ↳ Clubs are now expected to conduct proper and ongoing due diligence on financial services sponsors, as insufficient checks may create legal liability, money laundering exposure, and reputational damage. 🔵In parallel, on June 3, the UK House of Lords Financial Services Regulation Committee called on the Bank of England to reconsider proposed stablecoin holding limits, including the £20,000 limit for individuals and the £10 million limit for businesses. ↳ The committee also questioned the requirement for systemic stablecoin issuers to hold at least 40% of backing assets in unremunerated central bank deposits, warning that this may affect issuer viability and the UK’s competitiveness. 💭 Inteliumlaw opinion: Crypto firms using sports sponsorships to reach UK audiences should ensure their promotions are FCA-compliant or approved by an authorized firm, while clubs should treat crypto sponsorship as a regulated-risk partnership rather than a purely commercial deal. Stablecoin issuers considering the UK should stress-test their business model against possible holding caps and reserve-asset requirements before committing to launch. 🗂️ Ready-Made Solutions | 👩💻Tailored Legal Solution
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