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FCA grants green light to Zodia Custody

CryptocurrenciesZodia Custody, the digital custody business developed by Northern Trust (NT) and Standard Chartered, has secured registration from the Financial Conduct Authority (FCA).

This means it is now officially registered as a cryptoasset business and is compliant with the UK’s anti-money laundering rules.

It is one of just nine cryptoasset businesses to have secured FCA registration and operating commercially in the UK since the FCA brought the asset class into its regulatory scope in January 2020.

Zodia Custody was launched in December 2020 by NT and SC Ventures, the fintech arm of Standard Chartered. It currently provides custody services for the two most popular cryptocurrencies – bitcoin and ethereum – with plans to expand its offering based on client demand.

According to Pete Cherecwich, president, corporate and institutional sales, Northern Trust, the FCA registration and the successful conclusion of testing with the pilot is a significant milestone for Zodia Custody.

“We are pleased that Zodia’s robust capabilities now make it possible to support the growing number of institutional asset owners, family offices and asset managers around the world investing in this emerging asset class,” said Cherecwich.

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