Zodia Custody expands business in Europe
It is reported that Zodia Custody, a cryptocurrency custodian under Standard Chartered Bank, has registered as a virtual asset service provider in Luxembourg, …
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 cryptocurrency custodian under Standard Chartered Bank, has recently registered as a virtual asset service provider in Luxembourg, signaling its expansion of business scope to Europe. The move was announced on the official website of Zodia Custody with a statement stating that the registration as a virtual asset service provider is in accordance with the law and regulatory framework of Luxembourg.
With the registration, Zodia Custody can now offer its services to institutional investors and high-net-worth individuals within the European region. The expansion of Zodia Custody’s business in Europe is expected to attract more investors seeking for secure and reliable custodial services. Zodia Custody’s platform utilizes the expertise of Standard Chartered Bank in regulatory compliance and risk management, offering enhanced security and reliability for its clients’ digital assets.
Virtual asset service providers are required to adhere to the Fifth Anti-Money Laundering Directive (5AMLD), which aims to regulate companies dealing with cryptocurrency transactions and activities that may be linked to money laundering or terrorism financing. The directive has been implemented by the European Union to prevent the misuse of virtual assets by criminals and to safeguard investors from potential financial risks.
By registering as a virtual asset service provider in Luxembourg, Zodia Custody has positioned itself as a reputable and compliant cryptocurrency custodian in Europe. The move is also in line with Standard Chartered Bank’s strategy to expand its digital banking services and capitalize on the growing demand for cryptocurrency-related services in the region.
In conclusion, the registration of Zodia Custody as a virtual asset service provider in Luxembourg is a significant milestone for the company, enabling it to offer its services to institutional investors and high-net-worth individuals in Europe. With the regulatory compliance and risk management expertise of Standard Chartered Bank, Zodia Custody is poised to set a new standard for secure and reliable custodial services in the cryptocurrency industry.
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