Zodia Custody Expands to Europe with Luxembourg Registration
It is reported that Zodia Custody, a cryptocurrency custodian under Standard Chartered Bank, has registered as a virtual asset service provider in Luxembourg, e
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 has expanded its business scope to Europe by registering as a virtual asset service provider in Luxembourg. Zodia Custody is a subsidiary of Standard Chartered Bank and functions as a cryptocurrency custodian. The registration in Luxembourg serves as an extension of the company’s services and will act as a base for the company’s European operations.
The registration as a virtual asset service provider in Luxembourg is in compliance with the European Union’s Fifth Anti-Money Laundering Directive (AMLD5), which came into effect on January 10, 2020. The directive aims to regulate and monitor virtual asset service providers to combat money laundering and terrorism financing. The registration also follows a trend of increasing regulatory focus on cryptocurrency in Europe.
As a virtual asset service provider, Zodia Custody is authorized to provide custody services for cryptocurrencies and other digital assets. The company offers institutional-grade custody solutions and can protect digital assets from theft and other vulnerabilities. Moreover, the registration as a virtual asset service provider provides legal recognition and strengthens the company’s reputation in the cryptocurrency market.
The expansion of Zodia Custody’s services to Europe through the Luxembourg registration will also benefit the local financial industry. The company’s global presence, backed by Standard Chartered Bank, can attract more institutional investors, who may be hesitant to invest in cryptocurrencies due to concerns over security and regulatory compliance. An influx of institutional investment can also help develop the cryptocurrency market in Europe and increase its liquidity.
In conclusion, Zodia Custody’s registration as a virtual asset service provider in Luxembourg is a significant move that can benefit both the company and the European financial industry. The registration demonstrates compliance with the EU’s regulatory requirements while expanding Zodia Custody’s business scope, which can attract more institutional investment and develop the cryptocurrency market in Europe.
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