Cryptoasset company Zodia receives FCA registration

The registration means that Zodia Custody is now providing commercial services to clients as a cryptoasset business. Zodia Custody, a UK-based institutional-grade cryptoasset custody solution, offers services to clients across the globe. Zodia Custody enables institutions to invest safely and securely in cryptoassets. Zodia Custody, developed by SC Ventures and Northern Trust, satisfies institutional investors’ need for a cryptoasset custodian that understands traditional custody and meets investors’ high standards and expectations, whilst maintaining the flexibility required to adapt to the ever-changing cryptoasset market, states the official press release.

Zodia Custody is one of nine cryptoasset businesses granted FCA registration under the UK’s Money Laundering Regulations and has commenced commercial operations following a period of testing. Zodia’s registration with the FCA means the business is now supervised under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017. This regime brought cryptoassets into scope in January 2020 and is mandatory for all firms providing cryptoasset services in the UK.

Zodia Custody is providing custody services for Bitcoin and Ethereum, with plans to expand to more cryptoassets based on client demand.