Normal Chartered-owned crypto custodian registers with Luxembourg regulator

By Elizabeth Howcroft

LONDON (Reuters) – Zodia Custody, a crypto custodian owned by Normal Chartered, stated on Friday it has registered its Irish unit with Luxembourg’s monetary regulator.

The registration will enable Zodia to offer digital asset custody providers for monetary establishments in Luxembourg, the corporate stated.

In response to the regulator’s web site, Zodia shall be topic to supervision from the watchdog for compliance with guidelines round anti-money laundering and combating the financing of terrorism.

“There’s a large alternative for monetary establishments to supply a variety of services and products associated to cryptoassets,” John Cronin, chief govt of Zodia Custody Eire, stated in a press release on Friday.

Cronin stated the agency is seeing growing curiosity from traders in establishing merchandise corresponding to a “RAIF” – a sort of Luxembourg funding fund for different belongings that may be arrange with out regulatory approval.

The registration was first reported by Bloomberg Information on Thursday.

(Reporting by Elizabeth Howcroft; Modifying by Shounak Dasgupta)