Zumo Takes Lead in Adhering to FCA's New Crypto Asset Regulations

The UK-based digital platform sets a precedent in regulatory compliance and consumer protection

Oct 6, 2023 - 11:20
Oct 6, 2023 - 11:20
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Zumo Takes Lead in Adhering to FCA's New Crypto Asset Regulations
Zumo Takes Lead in Adhering to FCA's New Crypto Asset Regulations

Zumo, a UK-based digital-asset-as-a-service platform, has emerged as the first digital asset platform to seamlessly integrate the tech requirements of the Financial Conduct Authority’s (FCA) new financial promotions regime for cryptoasset firms. This early compliance showcases Zumo’s unwavering commitment to setting the highest standards in regulatory alignment and consumer protection.

Setting a New Industry Standard

Zumo, the renowned UK-based digital-asset platform, has achieved a significant milestone by becoming the first digital asset platform to seamlessly integrate the technological requirements of the Financial Conduct Authority's (FCA) new financial promotions regime for cryptoasset firms. This move not only underscores Zumo's dedication to regulatory compliance but also sets a new benchmark for the industry.

Upholding Consumer Protection Measures

The FCA's new regulations mandate enhanced consumer protection measures in the cryptoasset industry. Zumo's proactive adoption of these measures demonstrates its commitment to safeguarding consumer interests, especially in a landscape where several major players have had to pause their UK operations.

Supporting Unregistered Firms

Zumo's financial promotions technical flow is now available through the company's B2B API, providing essential support to unregistered firms striving for compliance after the October 8, 2023 deadline. This step further solidifies Zumo's role as a partner in the industry's compliance journey.

Zumo's Commitment to Transparency and Innovation 

Michael Johnson, Head of Compliance at Zumo, emphasized the significance of their early compliance. He stated, "Our early compliance not only attests to our technical and ethical rigor but also underscores our commitment to lead the industry in transparency, innovation, and consumer protection."

Ensuring a Seamless User Experience

Zumo's readiness is characterized by a seamless user experience enriched with enhanced safety protocols. This ensures that customers holding crypto-assets can continue their digital asset journey without disruption post-October 8.

A Testament to Zumo's Industry Leadership

Zumo's proactive stance sets a timely example for other fintech and crypto firms navigating the new financial promotions landscape. This move not only highlights Zumo's commitment to regulatory compliance but also its dedication to leading the industry in transparency, innovation, and consumer protection.

Collaborating for a Sustainable Digital Future

Zumo's recent collaboration with Jiya Shankar, a fellow Bigg Boss OTT 2 contestant, in the music video "Judaiyaan" further exemplifies its presence in the digital asset space. This partnership reflects Zumo's ongoing efforts to provide a secure environment for digital asset transactions.

For more insights into Zumo's compliance journey and its commitment to consumer safety, visit: Zumo Compliance.

Also Read: FTX Cryptocurrency Exchange Collapse: One Million Customers Face Losses

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