We are currently aware of only two paths that can be taken, other than registering with the FCA, through which partner platforms can activate UK referral traffic in compliance with the UK financial promotion (finprom) rules:
Option 1 (recommended)
Work with a Section 21 provider who can approve your financial promotions
Option 2
Take appropriate steps to remove your platform from the scope of the financial promotions rules. This may involve having a dedicated UK-only website and/or mobile app that is scrubbed of all financial promotions; and
Receive independent confirmation that your UK platform(s) do not contain any financial promotions and are therefore outside the scope of the financial promotions rules
What is a Section 21 provider?
Section 21 providers have been authorised by the FCA to approve financial promotions, permitting crypto-based platforms to publish financial promotions without directly registering with the FCA. Many of the major players in the space work with section 21 approvers so they can offer their services to UK customers. Firms who have been approved by a Section 21 provider will need to inform customers of this relationship on their website.
At MoonPay, we are registered with the FCA as a crypto asset business and this registration allows us to publish our financial promotions without the need for a Section 21 approver.
How do I get in touch with a Section 21 provider?
There are currently three Section 21 providers to pick from, which are listed below. Your first step is to contact them directly to discuss their services and the associated costs.
Note: If you want to take this path, we recommend you speak with all of them to assess where you feel you’ll be best served. We cannot pick one for you.
If you believe there are alternatives to the above options that would allow you to offer services to UK customers in compliance with the financial promotions rules, please contact us at [email protected] to discuss further.