Scottish-based crypto wallet and payments platform is the first consumer non-custodial crypto wallet to be added to the Financial Conduct Authority's crypto-asset register.
Zumo has received approval to be added to the UK Financial Conduct Authority’s list of Registered Cryptoasset firms (reference number 901033). Zumo is the 24th business to secure this FCA registration, with more than 200 applying to do so, and is the first customer-facing non-custodial wallet on the register.
Since 10 January 2020, firms carrying out specific cryptoasset activities in the UK have been required to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA.
Zumo is the latest business to pass through the FCA’s rigorous assessment process as applied to cryptoasset firms, taking its place as one of a select number of approved firms.
The FCA has previously warned that a significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications, and the temporary registration deadline has been extended until 31st March 2022 in response to the large number of firms still operating without final FCA determination.
Nick Jones, Zumo CEO, commented: “We’re delighted to receive this approval, which puts us in the small handful of businesses to have received FCA approval as a registered cryptoasset firm. Zumo takes a compliance-first approach, and this is an important milestone in our journey. We believe that the clear competitive advantage will be with businesses – like Zumo – that act in good faith to ensure robust regulatory compliance.
“Looking forward, our primary focus remains on providing trusted, accessible solutions to our customers, and this provides us with the foundation to grow our services and offering in 2022.”
Founded in Edinburgh in 2017 with the mission ‘Smart money for everyone’, Zumo is a decentralised finance platform with the mission of bringing the benefits of blockchain technology and digital currencies to people and businesses everywhere.