The FCA has warned cryptoasset promoters they could face up to two years in prison and unlimited firms if they do not comply with new rules on the marketing of crypto which - it has confirmed -will begin on 8 October.

The FCA is to introduce tougher rules on cryptoasset marketing from October with a new ‘cooling off’ period added for first-time investors.

Treasury Committee MPs have called for consumer trading in unbacked cryptoassets to be regulated as gambling.

The government says that crypto trading and crypto assets will be "robustly" regulated under new proposals published today.