Standard Chartered-backed crypto custodian Zodia added to UK FCA’s crypto register

Jul 15, 2021 | The Block News | 0 comments

standard-chartered-backed-crypto-custodian-zodia-added-to-uk-fca’s-crypto-register

In December, SC Ventures, Standard Chartered’s venture arm, announced that it was partnering with Northern Trust to launch a new crypto custodian.

The plan for Zodia, as the venture was dubbed, was to start operating this year once it scored official approval from the U.K. Financial Conduct Authority, a market regulator that has been building a registry of regulated firms in the crypto space, and other regulatory conditions.

Zodia appears to have scored that FCA approval, public records now show. The FCA’s website shows that Zodia’s registration is effective dated July 15. 

As reported by The Block, the FCA has pushed to bring the country’s crypto companies under its auspices, developing a register of firms that have won its approval. The register was first announced in 2020, and the FCA recently committed to devoting more resources to its oversight of crypto firms and the building-up of the register. To date, only a handful of firms have been added to the official register. 

Standard Chartered is also working to develop an institutional crypto brokerage and exchange service in partnership with BC Group, the parent company of the Hong Kong-regulated crypto exchange OSL.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Tesla Takes $23 Million Q2 Impairment From Bitcoin

Tesla Takes $23 Million Q2 Impairment From Bitcoin

Electric car maker Tesla today posted blowout quarterly earnings numbers, exceeding $1 billion in profits for the first time while producing and delivering more than 200,000 vehicles. But the company also revealed that Bitcoin put a slight drag on its earnings. In an...

Aave to launch institutional DeFi platform Aave Arc within weeks

Aave to launch institutional DeFi platform Aave Arc within weeks

DeFi lending platform Aave has rebranded its upcoming institutional DeFi platform from Aave Pro to Aave Arc, according to CEO Stani Kulechov. The decision was made to represent its purpose as a gateway to bring institutions into the decentralized finance industry. And...

Price analysis 7/26: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Price analysis 7/26: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Traders are hopeful that Bitcoin’s bounce from $29,000 to $40,000 and the strong rally seen in altcoins is a signal that the bull market has resumed. Bitcoin (BTC) soared from $29,482.61 on July 21 to $40,000 today, its highest level since June 16. This sharp rebound...

Pin It on Pinterest

Share This