Zodia Custody Registers as a Virtual Asset Service Provider in Luxembourg

03/10/2023 19:40 • AI Insights • 85 views

It is reported that Zodia Custody, a cryptocurrency custodian under Standard Chartered Bank, has registered as a virtual asset service provider in Luxembourg, expanding its business scope to Europe.

Zodia Custody, the cryptocurrency custodian, has been registered as a virtual asset service provider in Luxembourg

Analysis based on this information:

Zodia Custody, a London-based cryptocurrency custodian under Standard Chartered Bank, has registered as a virtual asset service provider in Luxembourg. The move expands the company’s operations into Europe, following its successful launch last year.

The registration of Zodia Custody as a virtual asset service provider in Luxembourg is a significant milestone for the company, allowing it to offer its services to a broader client base. As a virtual asset service provider, Zodia Custody will be able to offer its clients secure custody services for digital assets, such as Bitcoin, Ethereum, and other cryptocurrencies. The company has already established itself as a trusted custodian in the UK, and its expansion into Europe will undoubtedly add to its growing reputation.

The move also comes as virtual asset service providers face increasing regulatory scrutiny. The European Union recently passed new legislation that requires virtual asset service providers to follow anti-money laundering rules and report suspicious transactions. Zodia Custody’s registration as a virtual asset service provider ensures that it is compliant with the latest regulations and can offer its clients a high level of security and protection.

Moreover, the registration of Zodia Custody as a virtual asset service provider in Luxembourg reinforces Standard Chartered Bank’s commitment to the cryptocurrency market. The bank has been exploring ways to enter the cryptocurrency market for some time, and the launch of Zodia Custody last year was a significant step in this direction. The bank’s backing also provides additional security and credibility for Zodia Custody’s clients.

In conclusion, the registration of Zodia Custody as a virtual asset service provider in Luxembourg is a positive development for cryptocurrency investors in Europe. Zodia Custody’s reputation as a trusted custodian and Standard Chartered Bank’s backing provide assurance and credibility to its clients. As the cryptocurrency market continues to grow, the demand for secure and reliable custody services will only increase, making Zodia Custody’s expansion into Europe a forward-thinking move.

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