Universe Money, the next generation financial services group, is now able to offer cryptoasset products and services in the UK as required under section 21 of the Financial Services and Markets Act.

Under section 21 of FSMA, an FCA-authorised firm such as Archax Ltd may approve financial promotions for a crypto business like Universe Money, enabling us to market our services to UK consumers. The authorised firm acts as the s.21 approver of the promotion, while the crypto business remains responsible for its activities and compliance. In this instance Archax has been engaged as a s.21 Approver to enable Universe Money to communicate financial promotions to UK consumers.

Tony Quirke, CEO said of the approval “we are at a new dawn in how financial services will be delivered. Recent improvements in financial services have focussed on the customer experience, whilst still utilising legacy financial infrastructure. We firmly believe that the Blockchain, Stablecoins and Programmable Money will be vital components of modern financial infrastructure. Our S21 approval from Archax allows us to extend our digital asset services to the UK market.”