The FCA is to tighten its rules on crypto-asset transfers from 1 September to crack down on money laundering and financial crime.

The Financial Conduct Authority has disrupted 26 unregistered crypto ATMs operating unlawfully so far this year as it continues its crackdown on the dodgy machines.

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.