Zumo First to Launch Platform Meeting FCA’s Requirements of the New Financial Promotions Regime for Crypto Assets
Zumo, the UK-based digital-asset-as-a-service platform, has announced a significant industry milestone as it becomes the first digital asset platform to have integrated tech based requirements of the Financial Conduct Authority’s (FCA’s) new financial promotions regime for cryptoasset firms, set to take effect from 8 October 2023.
Zumo’s financial promotions technical flow design that had been deemed appropriate by the FCA has now been implemented. This early compliance underscores Zumo’s unwavering commitment to setting the highest standards in regulatory alignment and consumer protection.
“The rigorous adherence to regulatory frameworks is not just about compliance but is a testament to our commitment to be the trusted and sustainable partner for digital assets, ensuring the safety and the integrity of the digital asset industry,” said Nick Jones, CEO, Zumo.
The new regulation by the FCA mandates enhanced consumer protection measures, a development that Zumo has seamlessly integrated, ensuring consumer confidence and security amidst a volatile backdrop where major players have paused their UK operations. The FCA recently expressed concern that many of the 150 or so unregistered crypto firms with UK customers have yet to even respond to the regulator.
Zumo’s readiness serves as a timely example to other fintech and crypto firms navigating the new financial promotions landscape, and is characterised by a seamless user experience enriched with enhanced safety protocols. Zumo’s financial promotions technical flow is now also available through the company’s B2B API to support unregistered firms with remaining compliant after 8 October 2023.
“We didn’t just beat the deadline; we are striving to set the standard for others in the industry,” added Michael Johnson, Head of Compliance, Zumo. “Our early compliance demonstrates not just our technical and ethical rigour but underscores our commitment to leading the industry in transparency, innovation and consumer protection.”
“With some operators pausing their UK operations, there will be many customers holding crypto who will be unable to buy or trade from 8th October. We’re fully committed to working with our partners to provide a compliant environment in which they can continue their digital asset journey.”
For a deeper look at Zumo’s industry-leading compliance journey and enhanced consumer experience, visit: https://zumo.tech/navigating-the-uks-financial-promotions-regime-with-zumo/
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