Zumo launches platform that meets requirements of the FCA's regime for crypto assets

Friday 29 September 2023 13:23 CET | News

Zumo has announced a digital asset platform that integrates tech-based requirements of the FCA’s new financial promotions regime for crypto asset firms. 

Zumo has implemented the financial promotions technical flow design approved by the Financial Conduct Authority. 

The new regulation by the FCA mandates enhanced consumer protection measures, 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 unregistered crypto firms with UK customers have yet to even respond to the regulator. 

The press release highlights Zumo's readiness and exemplifies a timely response to the changing financial promotions landscape, characterised by a smooth user experience. Zumo’s financial promotions technical flow is now also available through the company’s B2B API to support unregistered firms while remaining compliant after 8 October 2023.
Zumo has announced a digital asset platform that integrates tech-based requirements of the FCA’s new financial promotions regime for crypto asset firms.

About Zumo and its recent developments 

Based in the UK, Zumo provides a Digital-asset-as-a-Service platform with the belief that 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 platform, Zumo’s API-based infrastructure offers a flexible and compliance-sensitive route to market, empowering fintechs, banks, asset managers, and brands to offer their clients the tools. Zumo’s infrastructure also powers the direct-to-consumer Zumo App, launched in the UK and registered with the Financial Conduct Authority (FCA). 

In June 2023, Zumo launched a decarbonising digital assets solution for financial institutions. Named Oxygen, the solution was aimed at prioritising ESG. It was created in partnership with a renewable-energy-as-a-service company called Zero Labs, which specialises in programmable decarbonisation technologies. In 2022, the two companies received a grant from the UK’s national innovation agency, Innovate UK, to support their research efforts into the decarbonisation of digital assets. 

In May 2022, the company launched a B2B Crypto-as-a-Service solution that enables companies to offer crypto products and services to their customers. Zumo Enterprise is an embedded crypto solution that allows fintechs and financial institutions to embed crypto within their existing infrastructure, offering a low-barrier and compliant route to market while opening up new revenue streams, attracting new customers, and supporting customer retention. 

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Keywords: digital assets, digital wallet, cryptocurrency, regulation, blockchain
Categories: DeFi & Crypto & Web3
Companies: Zumo
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3


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