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.
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/
About Zumo
Zumo believes everyone should have access to sustainable finance, and that blockchain has the power to deliver this globally. Its mission is to provide a better planet for digital assets, delivering sustainable, accessible and secure ways to unlock the benefits of web3.
As an enterprise-focused digital-asset-as-a-service platform, Zumo’s turnkey, API-based infrastructure offers a fast, flexible and compliance-sensitive route to market, empowering fintechs, banks, asset managers and brands to offer their clients the tools of the future simply, securely and sustainably while also opening up new revenue streams, attracting new customers and supporting customer retention.
A values-driven business, Zumo has underlined its commitment to a fairer society and a sustainable planet with an ambitious 2030 net zero strategy encompassing its own business; the blockchains it works with; and the wider digital asset ecosystem. Carbon-neutral since inception, the business is committed to ongoing collaboration in the decarbonisation of the digital assets industry. Zumo was an early signatory of the Crypto Climate Accord, the first digital asset business to receive UK government funding from the UK’s national innovation agency, Innovate UK, to further its applied work on the decarbonisation of digital assets, and is now a key contributor to industry guidance on the energy consumption of blockchain, working in tandem with the World Economic Forum and the GBBC Digital Finance.
More information at: zumo.tech
For media requests/interview, please contact:
Amelie Arras
Zumo’s Marketing Director
amelie@zumo.tech
07546 105548