Football clubs beware! A guide to the Financial Conduct Authority’s rules on promoting cryptoassets

The presence of cryptoassets in football has undoubtedly sparked both intrigue and caution among football stakeholders.  As Matt Santer noted in a previous LawInSport Article, [1] “almost every sporting event now has, at the very least, dipped a toe into the (some will say, shark-infested) crypto-waters.”  In October 2023, to help protect investors, the UK’s Financial Conduct Authority (FCA) formally extended its existing regulatory regime to the promotion of cryptoassets. It then published new guidance[2] on how the obligations apply and its related expectations. This article examines the FCAs requirements for promoting cryptoassets, and asks whether its oversight can act as something of a life raft for those football clubs navigating the turbulent crypto-waters.

• Crypto in the modern game
• The rise of fan tokens
• The (prior) role of the Advertising Standards Authority (ASA)
  • The FC Barcelona decision
• The FCA’s regulatory requirements and guidance
  • What is “financial promotion”?
  • Who do the rules apply to?
  • What types of assets are covered?
  • What are the consequences of a breach?
• Tips for sports organisations