Zumo first across the line with FCA’s new crypto firm rules
Zumo says it has become the first digital asset platform to integrate tech-based requirements of the Financial Conduct Authority’s (FCA’s) new financial promotions regime for crypto asset firms.
The Edinburgh-based company’s financial promotions technical flow design, deemed appropriate by the FCA, has now been implemented.
The new rules come into effect on October 8.
“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, Zumo’s CEO.
The FCA recently expressed concern that many of the 150 or so unregistered crypto firms with UK customers have yet to respond to the regulator.
“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,” added Michael Johnson, Head of Compliance.
“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.”