Recent data provided by the FCA on the Financial Promotions (‘FinProms’) regime suggests there’s more to do to keep UK consumers protected and informed about their participation in crypto markets. It’s important, now more than ever, that financial firms are accountable for the education and promotion of this new asset class and its underlying technology, which will ultimately impact everyone’s lives.
For the UK to remain and progress as a global hub for cryptoassets, it’s our duty as leaders to ensure accurate communication is at the forefront of what we do. Crypto and blockchain technology are not going away, but to encourage mass adoption further education is required – and it needs to be clear, fair and non-misleading education. There have been far too many “bad actors” in recent years who have made it easy for the mainstream to dismiss the space.
At Archax we’ve been working hard at this. It’s widely known that we have been engaged by the likes of Coinbase and OKX to help them successfully navigate the FCA’s UK FinProms regime. However it’s not just the global exchanges we support. Archax is working with many other firms to enable them to continue servicing UK consumers using blockchain and crypto technology.
Don’t just take our word for it, here’s a few comments from firms we’re working with:
Daniel Seifert, Regional Managing Director - EMEA, Coinbase: “I'm pleased to announce that Coinbase has partnered with Archax to help us comply with the UK's FinProms regime. As the crypto industry continues to grow in the UK, it's important that we adhere to all relevant regulations. Archax has deep expertise in this area and has conducted a thorough review of our UK consumer promotions against the FinProms requirements. Working with their team has helped us strengthen our processes to meet our obligations under this new law. Consumer protection is a top priority and partnering with firms like Archax shows our commitment to compliance as the regulatory landscape develops."
Danny Scott, CEO, CoinCorner: "Archax’s expertise in navigating the UK’s financial regulations has been instrumental in ensuring our promotional activities are compliant with the new FinProms Regime. Their team’s diligent review and approval process provides us with the confidence to engage with UK consumers whilst adhering to the highest standards of regulatory compliance."
Daniel Barugh, CEO, LondonLink: “Archax are a fantastic partner to LondonLink. They have helped us navigate testing regulatory constraints with fierce deadlines. The FinProms team are always responsive, offering pragmatic advice while producing high-quality results.”
There’s not a better positioned firm to offer this service. Archax was created with UK regulation at its core since inception - we remain the only exchange, broker and custodian to secure FCA regulation for digital securities. We were also the first firm to acquire cryptoasset registration, not because we were the first to apply but because of our experience, knowledge and understanding of the UK’s regulatory framework.
If you are not on the cryptoasset register but want to grow or start your UK business while adhering to the UK FinProms regulations, the Archax s21 approval service could offer you an appropriate solution - discuss your firm’s future in the UK here - https://archax.com/fin-proms