Aleph Finance and SupraFin are delighted to announce their strategic partnership to address cryptoasset financial promotion approval in the UK. This collaboration leverages Aleph Finance’s extensive experience in the UK and European financial industry, as well as its regulatory knowledge, along with SupraFin’s expertise in crypto risk assessment and investment intelligence.
In response to recent efforts by the UK government and the Financial Conduct Authority (FCA) to safeguard consumers regarding cryptoassets, the FCA has made it clear that all communications with the potential to influence UK consumers must comply with the financial promotion regime. On October 8, 2023, the UK government extended the financial promotion regime to cover cryptoassets.
Under the new regime, unauthorised and unregistered crypto businesses can only promote financial products that have been approved by an authorised entity. To approve cryptoasset financial promotions, the approving entity must possess expertise in cryptoassets.
Aleph Finance is committed to staying abreast of developments in the fintech sector and embracing positive changes that benefit customers, enabling them to make informed decisions. Aleph Finance welcomes the UK’s pioneering efforts in this regard, setting an example for regulators worldwide.
“We want to be part of a positive change in the market, and we understand that partnering with people with the frontier skills, great competence and incredible expertise such as our partners at SupraFin will ensure that we make our part to strengthen the financial services industry,” said Emanuele Rigo, CEO at Aleph Finance.
SupraFin, a trailblazer in cryptoasset risk management, has been developing and enhancing its cryptoasset risk frameworks since January 2018. Building on these frameworks, SupraFin introduced crypto ratings/risk scores and risk analysis research in February 2023 to assist organisations and regulators in reducing risk, generating alpha, and ensuring compliance with regulations. SupraFin has actively engaged with regulators worldwide to share its insights into cryptoasset risk and provide feedback on forthcoming cryptoasset regulations.
“SupraFin aims to help the crypto industry move to its next phase (i.e., the regulated phase), and we believe that together with companies with significant experience and competence in the regulated finance and compliance industry, like Aleph Finance, will ensure we accomplish that,” said Liliana Reasor, CEO at SupraFin.
