UK’s Rebuildingsociety to Provide S21 Financial Promotions Approval Service to Digital Asset Firms

The team at Rebuildingsociety is pleased to announce a new service for the approval of financial promotions for crypto-asset firms.

Building on their experience as a Network Principal, is used to reviewing and approving third-party financial promotions. They are also familiar “with the ‘high-risk investments’ (RMMI’s) regime, and their technical team (via sister company White Label Crowdfunding) is familiar with various forms of crypto-assets and their underlying technologies.”

So, the combination of these three factors “positions them well to provide this service.”

The new rules are restrictive and “serve to best protect consumers under the interim framework, but they are confident that they can help crypto-asset firms to market their products and services effectively and appropriately, in a compliant manner.”

They have input into GC23/1 and, together with their advisors (and with assistance from the trade association UKCFA), will “work to shape future regulation.”

To get started, there’s an application process in which they “review the firm, officers, crypto assets, business model and preparedness as part of their in-depth due diligence assessment.”

Following a successful decision in principle and signed agreement, they’ll work “with clients to ensure they are appropriately set up and prepared to onboard clients in a compliant manner.”

Setup includes setting up “the appropriateness test, 2 mins to read more page, personalized risk warnings, DOFP cooling off, and more.”

Setup also includes “a review of all existing FPs, including the website, as well as training for the team on the financial promotions regime.”

Once onboarded, they’ll review and “approve your FPs in a timely manner.”

Where appropriate, they can also “assist you with matters in connection with dealing with the regulator.”

As inflation and irresponsible fiscal policy affect fiat currencies, crypto-assets will “grow in strength by preserving the sovereignty of the communities they serve.” according to Daniel Rajkumar.

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