Zodia Custody Securing VASP registration with Luxembourg authorities
Zodia Custody which is a crypto custodian owned by Standard Chartered announced recently that its Irish subsidiary had been approved as a virtual asset service provider (VASP) by Luxembourg's financial authority Commission de Surveillance du Secteur Financier (CSSF).
Following this registration, Zodia Custody (Ireland) will be able to offer custody services for digital assets to banks and other financial organizations in Luxembourg. This includes providing the transfer of crypto assets, along with safekeeping and administration of crypto assets or instruments. This is the first crypto asset custodian to partner with a bank and became the tenth virtual asset service provider in Luxembourg.
As stated on their website, Zodia will be monitored over crypto assets, including custodian wallet services by the regulators so as to ensure they are following anti-money laundering and countering the financing of terrorism regulations.
The company is receiving more inquiries about the formation of "RAIFs," which are a special kind of alternative asset investment fund in Luxembourg that does not require any special permission from the government.
Recently John Cronin, chief executive of Zodia Custody Ireland, in a statement said that "There is a massive opportunity for financial institutions to offer a range of products and services related to cryptoassets".
In August of 2022, Zodia Custody (Ireland) was granted permission to offer commercial services to customers in Ireland by being added to the VASP registry maintained by the Central Bank of Ireland. Zodia Custody is a cryptocurrency firm in the United Kingdom that has been approved by the Financial Conduct Authority to render commercial services to its customers.
CBW - External Analyst