Zodia Custody, the digital asset custody firm, has received approval from the UK regulator, the Financial Conduct Authority (FCA). Standard Chartered’s SC Ventures subsidiary founded the company last year and partnered with Northern Trust. Hence the company is now in production, providing services to crypto-asset businesses.
“We believe crypto-assets as an asset class is here to stay,” said Alex Manson of SC Ventures. “We set up Zodia Custody with the clear goal of serving institutional investors who want to invest in crypto-assets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.”
It’s no mean feat to get an FCA registration. Only nine firms have received a crypto-asset registration to date. The primary requirement is the enforcement of anti-money laundering and preventing terrorism financing. In January 2020, the FCA enabled a temporary registration, with around 75 firms currently holding that designation including the likes of Revolut which process significant volumes.
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