Crypto Custody Firm Komainu Receives Custodial Approval from UK’s FCA

Komainu, a digital asset custody service, has announced its custodial approval from the UK Financial Conduct Authority (FCA).

This regulatory approval allows the company to function as a custodial wallet provider in accordance with the 2017 regulations on money laundering, terrorist financing, and the transfer of funds.

CoinShares-owned Komainu secures crypto custodian registration in UK https://t.co/wsJCLRTlsV#crypto #cryptocharm #cryptoenthusiast#cryptotokens #cryptoguru #cryptostartups#cryptocurrencyeducation #cryptopassiveincome pic.twitter.com/85Is6tpzUQ

— World Of Cryptocurrencies (@worldcryptospot) October 6, 2023

According to a press release dated October 6, the FCA approval gives Komainu the authority to offer cryptocurrency custody services within the United Kingdom. This offering also extends to collateral management services, accessible through its Komainu Connect platform.

Nicolas Bertrand, the CEO of Komainu, expressed his thoughts on the significance of this regulatory achievement. He emphasized the UK’s role in financial technology and innovation, particularly in the dynamic fusion of traditional and decentralized finance.

Bertrand said: “We are ideally positioned to capitalize on the expanding digital asset landscape in the UK and other vital jurisdictions, and we remain steadfast in our commitment to our growth objectives.”

Koimanu’s Regulatory Efforts

Komainu, established in 2018 and headquartered in Jersey, United States, is a regulated digital asset custodian designed by and for institutional entities.

The recent approval from the FCA represents a significant milestone for the company. It closely follows another accomplishment by one of its entities, Komainu MEA (Middle East and Africa) FZE, which secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). 

In addition, Komainu’s European entity recently gained inclusion in Italy’s Official Asset Managers (OAM) registry, expanding its capacity to provide digital asset custody services to institutional clients in the region.

Evelien van den Arend, the Head of Legal, Compliance, and Regulation at Komainu, underscored the company’s commitment to adhering to a robust regulatory roadmap.

She said: “This UK MLR registration follows our recent registration with the relevant Italian authorities, as well as our establishment in Dubai. We are dedicated to supporting our growth strategy with a solid regulatory foundation.”

Komainu’s attainment of crypto custodian registration in the UK is a significant feat for the cryptocurrency industry. It is a testament to digital assets’ surging popularity and importance in the broader financial landscape. 

This achievement also reflects the ongoing collaboration between regulators and key industry players, all working towards establishing a secure and dependable environment for crypto investors.