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2023-12-27

10 months ago by Iuliia Kovalchuk

The new version 2.2.6 of Android SDK and version 2.2.7 of iOS SDK have been published to GitLab. These versions contain updates for the UK's financial promotions regime, which will come into force on January 8, 2024.

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For all partners using mobile SDKs, it's important to upgrade to the latest versions with UK FinProm Regime features by January 8, 2024. Otherwise, your UK customers won't be able to continue using Paybis on-ramping services.

The new versions contain the following FinProm Regime constraints affecting UK customers:

  1. Users from UK are allowed to purchase only the following crypto currencies:
    Bitcoin (BTC)
    Ethereum (ETH)
    Tether (TRC20)
    Litecoin (LTC)
    Tether (USDT)
    Ripple (XRP)
    Stellar (XLM)
    TRON (TRX)
    Binance Coin (BSC)
    USD Coin (USDC)
  2. Cooling-off Period will apply to all new UK customers: A mandatory 24-hour waiting period will be introduced between customer registration and their ability to buy crypto. This aims to give customers ample time to consider their decision.
  3. Invitation to Leave the Investment Journey (will apply to all new UK customers: Post the cooling-off period, customers will be presented with an option to either continue with their investment or abandon the journey. This step reinforces their right to make an informed decision.
  4. Personalized Risk Warning will apply to all new UK customers: Prior to investment, a prominent, personalized warning will be displayed: “[Client name], this is a high-risk investment. How would you feel if you lost the money you’re about to invest? Take 2 mins to learn more.” This is to ensure that customers are acutely aware of the risks involved.
  5. Client Categorization and Net Worth Consideration (applies to both old and new customers): As part of our KYC process, we will start collecting additional information regarding the customer’s net worth. A new questionnaire will be presented.
  6. Appropriateness Assessment (applies to both old and new customers): Customers will undergo a questionnaire related to the specific crypto asset type they wish to purchase. Failure of this questionnaire requires a retake, and after 2 failures the customer will have to wait 24 hours before being able to answer the questions again.