Standard Chartered-owned crypto custodian registers with Luxembourg regulator

LONDON : Zodia Custody, a crypto custodian owned by Standard Chartered, said on Friday it has registered its Irish unit with Luxembourg’s financial regulator.

The registration will allow Zodia to provide digital asset custody services for financial institutions in Luxembourg, the company said.

According to the regulator’s website, Zodia will be subject to supervision from the watchdog for compliance with rules around anti-money laundering and combating the financing of terrorism.

“There is a massive opportunity for financial institutions to offer a range of products and services related to cryptoassets,” John Cronin, chief executive of Zodia Custody Ireland, said in a statement on Friday.

Cronin said the firm is seeing increasing interest from investors in establishing products such as a “RAIF” – a type of Luxembourg investment fund for alternative assets that can be set up without regulatory approval.

The registration was first reported by Bloomberg News on Thursday.

Related Articles

Back to top button