- Zodia Custody announced its registration as a VASP in Luxembourg.
- The registration would help in attracting customers as Luxembourg is a premier center for the industry.
- John Cronin commented that the custodian could offer a massive range of services to financial institutions.
Zodia Custody, a crypto asset custodian under the British multinational Bank Standard Chartered (OTC:SCBFF), has been successfully registered as a virtual asset service provider (VASP) in Luxembourg with the help of the Commission de Surveillance du Secteur Financier (CSSF).
Significantly, being obtained the registration, Zodia Custody becomes the first organization partnered with a traditional financial institution to achieve legal status to flourish its operations and provide its custody services to financial institutions in Luxembourg.
Notably, on March 9, Zodia, the official Twitter page of Zodia Custody shared the “good news” that the company is “officially open for business in Luxembourg”:
Some good news on a Friday – we’re officially open for business in #LuxembourgRead to know more https://t.co/zog72Hwq4U@cssflux @scventuresDNA pic.twitter.com/JnT2cs6XQi— Zodia (@ZodiaCustody) March 10, 2023
In an interview, John Cronin, the Chief Executive Officer of Zodia Custody commented about his expectations that the platform’s relocation would help Zodia in many ways including attracting customers in the fund management industry as Luxembourg is a premier center for the industry.
Cronin asserted that there exists a “massive opportunity for financial institutions to offer a range of products and services related to crypto assets”, adding:
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 products can be developed and offered to investors.
Significantly, being flourished as a registered custodian in Luxembourg, the company could expand its operations throughout the European Union (EU), providing multiple levels of financial services including the transfer and administration of crypto assets.
Interestingly, the CEO of Zodia, Julian Sawyer reiterated that the company understands the “requirements for financial institutions”, quoting:
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 crypto asset journeys.
It is noteworthy that Zodia is also enlisted on the Central Bank of Ireland’s VASP Register, by which the custodian became the first crypto asset custodian to flourish as a registered entity in Ireland.
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