You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
30,725

Zumo First to Integrate Tech Requirements of FCA’s New Financial Promotion Regime for Crypto Assets

Zumo, a digital asset-as-a-service platform, has achieved the distinction of being the first cryptocurrency platform to adopt the financial promotions technical flow design outlined by the Financial Conduct Authority (FCA).

Earlier in June, the FCA released guidelines concerning financial promotions for cryptoassets, set to be enforced from Oct. 8. These regulations aim to minimize the potential risks to consumers from investing in crypto assets that aren’t in line with their risk tolerance.

Adhering to these guidelines, Zumo, a UK-based digital asset company, announced on Thursday its successful integration of the financial promotions technical flow, receiving the regulatory body’s seal of approval.

Zumo highlighted their timely compliance as a reflection of their “steadfast commitment” to aligning with regulatory standards and safeguarding their users.

Nick Jones, Zumo’s CEO, stated, “Strictly following regulatory guidelines isn’t merely about adhering to rules. It underscores our dedication to being a reliable and enduring partner in the digital asset space, prioritizing the security and integrity of the industry.”

Furthermore, Zumo pointed out that their financial promotions technical flow is accessible through their B2B API. This initiative is designed to support firms that aren’t registered, helping them to meet the FCA’s stipulated requirements.

New FCA Regulation

The regulatory body’s latest guideline calls for heightened measures to protect consumers, fostering trust and safety during a tumultuous period wherein several cryptocurrency entities have halted their operations in the UK.

Recently, the FCA voiced its concerns over the inadequate action from numerous unregistered crypto firms. In a stern move, it issued a “final warning” urging digital asset companies targeting UK consumers to align with its regulatory framework.

Michael Johnson, Zumo’s Chief of Compliance, remarked on the company’s proactive approach, suggesting that Zumo not only met the deadline but also set a higher benchmark for their peers in the industry. By navigating the newly established financial promotional guidelines, Zumo has successfully delivered an uninterrupted user experience coupled with enhanced security measures.

Johnson emphasized, “Our prompt adherence is a reflection of our meticulous technical and ethical standards. More importantly, it echoes our dedication to steering the industry with clarity, pioneering innovations, and unwavering focus on safeguarding consumers.”

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024