Standard Chartered’s subsidiary, Zodia Custody Limited, has been granted registration as a digital asset service supplier in Luxembourg, extending its BTC and cryptocurrency custody services throughout Europe. Zodia Custody Ireland CEO, John Cronin, revealed that the company’s Irish subsidiary would also be registered with the CSSF — Commission de Surveillance du Secteur Financier in Luxembourg.
The move is expected to attract professionals within the fund management space, as Luxembourg is recognized as a leading center for the industry. Moreover, it enables Zodia Custody to expand its services throughout the EU before implementing the new cryptocurrency regulations among EU member states.
This development is a positive step toward the growth and adoption of cryptocurrency custody services in Europe. Also, it demonstrates Standard Chartered’s commitment to establishing itself as a leading provider of cryptocurrency services.
Zodia Custody Discuss License Approvals With Spain and France Regulators
Zodia Custody is also negotiating alongside regulators in Spain and France for approvals, according to CEO John Cronin. The company is seeking licenses opportunistically in regions where clients exist.
Compared to Ireland and the UK, where some companies must wait at least two years for operational licenses, Zodia is expected to complete its registration process in Luxembourg within eight months. Despite the virtual asset industry experiencing a decline in fortunes due to declining values, corporate failures, and controversies, Zodia Custody’s move to expand its operations in Europe shows promising growth and adoption of cryptocurrency custody services.
This development is a positive step towards integrating virtual assets into mainstream finance. It will be exciting to see how Zodia Custody’s expansion in Europe influences the adoption of cryptocurrencies by institutional investors.
The 10th VASP Under The Supervision Of Luxemborg’s Financial Regulator
Zodia Custody’s Ireland subsidiary has now become the tenth VASP under the supervision of the financial regulator in Luxembourg, the CSSF. The CSSF emphasizes that its focus is ensuring all necessary measures are in place to combat terrorist financing and money laundering.
Zodia Custody (Ireland), a joint venture between Standard Chartered’s venture capital and innovation unit, SC Ventures, and Northern Trust, was licensed by the FCA — UK’s regulator, and is under the supervision of the Irish regulator, similar to Luxembourg.