Standard Chartered-backed crypto custodian Zodia added to UK FCA's crypto register
July 15, 2021, 3:47PM EDT
1 min read
In December, SC Ventures, Standard Chartered's venture arm, announced that it was partnering with Northern Trust to launch a new crypto custodian.
The plan for Zodia, as the venture was dubbed, was to start operating this year once it scored official approval from the U.K. Financial Conduct Authority, a market regulator that has been building a registry of regulated firms in the crypto space, and other regulatory conditions.
Zodia appears to have scored that FCA approval, public records now show. The FCA's website shows that Zodia's registration is effective dated July 15.
As reported by The Block, the FCA has pushed to bring the country's crypto companies under its auspices, developing a register of firms that have won its approval. The register was first announced in 2020, and the FCA recently committed to devoting more resources to its oversight of crypto firms and the building-up of the register. To date, only a handful of firms have been added to the official register.
Standard Chartered is also working to develop an institutional crypto brokerage and exchange service in partnership with BC Group, the parent company of the Hong Kong-regulated crypto exchange OSL.