Founder and CEO calls for ‘level playing field’ for good actors in the sector.
Football Fan, the leading app for football fans to create, share and earn rewards for their content, has welcomed the announcement this week by Chancellor of the Exchequer Rishi Sunak that they will introduce legislation to ‘strengthen the rules on crypto asset advertisements and protect consumers from misleading claims’. After a period of consultation, the Treasury intends to ensure that ‘Adverts will be brought into line with other financial advertising, ensuring they are fair and clear….New rules will increase consumer protection while encouraging innovation’.
Founder and CEO of Football Fan, Amit Singh-Rathore, said:
“We welcome these first steps from Chancellor of the Exchequer Rishi Sunak toward regulation of advertising in the crypto asset sector. Holding companies to account for the promises they make is a crucial first step to help prevent bad actors, whilst encouraging the good ones. We will certainly be forwarding our views to the UK Treasury.”
Football Fan has its own proprietary digital reward token, FanCoin®, and will soon be launching a fully managed NFT solution for creators. Founder Rathore also studied the sector at the University of Oxford, and is keen to see fairness benefit consumers and users as well.
“We hear stories every day about the pump and dump schemes that appear to be targeting the naive and vulnerable. We also think regulation will help to create a much more level playing-field for all companies in the sector.”
This statement is in response to the announcement this week from Chancellor of the Exchequer Rishi Sunak, which can be found on the gov.uk website: