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Cryptoasset Financial Promotion Approval Service

rebuildingsociety.com can guide you through the complex requirements for promoting cryptoassets to UK consumers

If you’re a cryptoasset firm struggling to meet the October deadline for S21 Financial Promotions, we can help. We’re approved by the FCA to offer a five-step dedicated approval service.

What are S21 Financial Promotions?

S21 refers to Section 21 of the Financial Services and Markets Act 2000 (FSMA) requiring the approval of financial activities.

When: The law was updated earlier this year to include cryptoassets and comes into effect on October 8th, 2023.

What: Each S21 Financial Promotion (FP) must meet a restrictive set of requirements designed to ensure it is fair, clear and not misleading to consumers.

Why: If you don’t comply with S21 requirements, you could face an unlimited fine or up to two years in prison.

Who & what do S21 Financial Promotion requirements apply to?

Any business promoting cryptoassets to UK retail consumers, from stablecoins to borrowing, lending and staking models, may fall under S21. This includes:

  • FCA-registered cryptoasset businesses or those considering registration
  • Overseas cryptoasset firms marketing to UK consumers
  • FCA-authorised firms considering communicating or approving cryptoasset FPs
  • Trade bodies for the cryptoasset sector

Why choose rebuildingsociety.com to approve your FPs?

By choosing our FCA registered approval service, you’ll benefit from our experience as an FCA Network Principal in reviewing and approving third-party financial promotions:

  • We understand the ‘high-risk investments’ (RMMI’s) regime.
  • Our technical team understands cryptoassets and how they function.
  • We know the S21 regime inside-out, having contributed to the consultation
  • Firms working for S21 approval will benefit from an extended deadline for backend changes
Apply Now Read our Application Guide

How our approval service works

Completing rebuildingsociety.com’s S21 approval process is a five-step process:

  • Step 1 – Initial Submission: Tell us about your cryptoasset business in our online application form; It should take only 20 minutes, and requires a payment of £5,000.
  • Step 2 – Interview: Discuss your submission details with our licensed Approvers
  • Step 3 – Due Diligence: We review your business plan and financials. We may request additional documentation (such as bank statements or accounts) and utilise third-party sources, including employment referencing and a criminal records bureau check.
  • Step 4 – Committee Review: After reviewing your application the Cryptoasset Assessment Committee (CAC) will accept or reject it; their decision is final.
  • Step 5 – Decision In Principle (DIP): An initial vetting stage to accept/reject your application based on the fitness and propriety of the firm, the officers and key advisors. Successful applicants will receive a Decision in Principle letter and move on to the Set-Up process.
Step 1

20 minutes & £5,000 fee

Step 2

Interview

Step 3

Due Diligence

Step 4

Committee Review

Step 5

Decision in Principle

Apply Now

Read our Application Guide

When you’re fully onboarded, you’ll have the peace of mind of knowing all your FPs are reviewed and approved in a timely manner by a registered approver. And where necessary, we can assist you with future dealings with the regulator.

FAQ

How much does the S21 Financial Promotion approval application cost?
The application process costs £5,000 plus VAT, which must be paid before the process can be considered. Though we can assist you in completing the application, this amount is non-refundable if you fail due diligence.
Do I have to be already be FCA registered to apply?
Yes, S21 approval of cryptoasset Financial Promotions only applies to existing license holders.
How long will the online application take?
If you have read the guide fully and have all the required information ready to hand, it should take no more than 20 minutes.
What information do I need to complete the application?
You’ll need the following to hand along with key business information: Your Whitepaper (file format); Revenue Information; Organisation Chart (file format)
Is there a guide to filling out the application?
Yes, we have produced a comprehensive guide for each section and strongly recommend reading it before beginning the application.
What if the application is rejected? Can I repeat it?
If your application isn’t successful, we’ll provide a clear explanation of why, with potential remedial steps. We will gladly review your application if the remedial steps are taken within 3 months.