Zumo launches financial promotions technical flow design 29 September 2023UK Reporter: Lucy Carter
Image: Andrii Yalanskyi/stock.adobe.com
Zumo has implemented its financial promotions technical flow design, making it the first digital asset platform to include the technology-based requirements mandated by the Financial Conduct Authority (FCA) in its new financial promotions regime for cryptoasset firms.
The financial promotions technical flow is currently available through Zumo’s B2B API, with the goal of supporting unregistered firms as they work to meet FCA requirements.
The new FCA regulation aims to improve consumer protection measures, improving both security and consumer confidence. It has been developed in response to reduced engagement in UK markets from major players and a notable number of unregistered crypto firms operating in the country. It is expected to be rolled out from 8 October.
Michael Johnson, head of compliance at Zumo, says: “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 8 October. We’re fully committed to working with our partners to provide a compliant environment in which they can continue their digital asset journey.”
Nick Jones, CEO of Zumo, comments: “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.”
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Image: Andrii Yalanskyi/stock.adobe.com 