Zodia Custody Receives VASP Lisence in Luxembourg

Cryptocurrency storage provider Zodia Custody (Ireland) Limited has announced it has been registered as a Virtual Asset Service Provider (VASP) by the Commission de Surveillance du Secteur Financier (CSSF) and can provide virtual asset services in Luxembourg. This makes Zodia Custody the first entity partnered with a bank and dedicated cryptoasset custodian to achieve registered status to provide custody services for financial institutions in Luxembourg.

"There is a massive opportunity for financial institutions to offer a range of products and services related to cryptoassets," said John Cronin, CEO of Zodia Custody Ireland.

Cronin continued: "We are seeing increasing interest in establishing products, such as a RAIF, from managers and investors. Our registration allows us to work with the wider ecosystem of AIFMs, investment advisors, depositaries, administrators, law firms, auditors and more to ensure familiar institutional product can be developed and offered to investors."

The registration means that Zodia Custody will work in accordance with Article 7-1(1) of the Law of 12 November 2004 on the fight against money laundering and terrorist financing ("AML/CFT Law"). Zodia Custody can now provide the transfer of cryptoassets alongside the safekeeping and/or administration of cryptoassets or instruments enabling control over cryptoassets, including custodian wallet services.

Alongside the CSSF registration, Zodia Custody Ireland is also listed on the Central Bank of Ireland's Virtual Asset Service Provider (VASP) Register, with the approval to provide commercial services to clients in Ireland in August 2022 seeing it become the first dedicated cryptoasset custodian to be registered. In the UK, Zodia Custody is registered with the FCA to provide commercial services to clients as a cryptoasset business.

"As a bank-owned business, we intimately understand the needs and requirements for financial institutions to safely enter the market," said Julian Sawyer, CEO of Zodia Custody. "Through Zodia Custody, institutional participants in the digital assets markets have access to cutting-edge and crypto native technology with bank-level compliance and governance. We look forward to engaging with the institutional ecosystem in Luxembourg, to help begin and accelerate their cryptoasset journeys."

Zodia Custody has been built from the ground up to satisfy institutional investors' need for a cryptoasset servicing provider that meets institutional standards and expectations. Zodia Custody established its Irish subsidiary in 2021.

Source: Markets Media