Komainu, a digital asset custody service, has proudly announced its recent regulatory approval from the UK Financial Conduct Authority (FCA).
This pivotal regulatory green light empowers the company to operate as a custodial wallet provider, strictly adhering to the 2017 regulations governing money laundering, terrorist financing, and fund transfers.
In a press release issued on October 6, the FCA’s approval grants Komainu the authority to offer cryptocurrency custody services throughout the United Kingdom. Furthermore, this authorization extends to collateral management services, conveniently accessible via its Komainu Connect platform.
Nicolas Bertrand, Komainu’s CEO, conveyed his thoughts on the significance of this regulatory milestone. He highlighted the UK’s pivotal role in the financial technology and innovation arena, especially in the dynamic convergence of traditional and decentralized finance.
Bertrand stated, “We are strategically positioned to seize opportunities within the expanding digital asset landscape in the UK and other critical jurisdictions, and we remain unwavering in our commitment to our growth objectives.”
Komainu’s Regulatory Endeavors
Founded in 2018 and headquartered in Jersey, United States, Komainu stands as a regulated digital asset custodian custom-tailored for institutional entities.
The recent FCA approval marks a significant achievement for the company, following closely on the heels of another milestone achieved by one of its subsidiaries, Komainu MEA (Middle East and Africa) FZE, which secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
Additionally, Komainu’s European entity recently secured inclusion in Italy’s Official Asset Managers (OAM) registry, thus expanding its capacity to provide digital asset custody services to institutional clients within the region.
Evelien van den Arend, Head of Legal, Compliance, and Regulation at Komainu, underscored the company’s commitment to a robust regulatory roadmap.
She expressed, “This UK MLR registration follows our recent registration with the relevant Italian authorities and our establishment in Dubai. We are resolutely dedicated to underpinning our growth strategy with a solid regulatory foundation.”
Komainu’s attainment of crypto custodian registration in the UK marks a significant milestone for the cryptocurrency industry. It serves as a testament to the growing popularity and importance of digital assets within the broader financial landscape.
Furthermore, this achievement reflects the ongoing collaboration between regulators and key industry stakeholders, all striving to establish a secure and dependable environment for cryptocurrency investors.