Customize the disclaimer field on the registration form by using HTML

Can I include links in the content of the customer disclaimer field?

Is it possible to edit it using HTML?

For example:

"I accept the "Privacy Policy". Please provide promo emails that are relevant to this topic.

Please "Contact Us" if you have any problem."

I hope to directly add hyperlinks to "privacy policy" and "contact us".

Additionally, I want the sentence "Please contact us...." to move to the next line (as it currently doesn't line break).