In December, SC ventures, Standard Chartered’s business arm partnered with Northern Trust to launch cryptocurrency custody services until next year.
The main aim for Zodia was to start operating this year once it gets approval from the U.K. FCA. The U.K. Financial Conduct Authority is a market regulator building a registry of regulated firms in the crypto space.
Zodia appears to have scored that FCA approval, public records now show. The FCA’s website shows that Zodia’s registration is effective from July 15. Zodia will allow investors to buy primary cryptocurrencies at its launch, adding Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash.
The FCA has pushed to bring the country’s crypto companies under its auspices. It is developing a register of firms that have won its approval. There are very few firms that got approval from the FCA.
The regulated firms may carry out unregulated activities. Financial Ombudsman Services (FOS) or financial service compensation scheme (FSCS) may not cover complaints about these unregulated activities.
Standard Chartered is also developing an institutional crypto brokerage and exchange service in partnership with BC Group.
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