Komainu, a renowned digital asset custody service, has recently announced its custodial approval from the UK Financial Conduct Authority (FCA). This regulatory approval allows the company to operate as a custodial wallet provider in accordance with the 2017 regulations on money laundering, terrorist financing, and fund transfers. This is a significant milestone for Komainu as it solidifies their position in the market and allows them to offer cryptocurrency custody services within the United Kingdom.
Expansion into Collateral Management
With the FCA approval, Komainu’s offering extends beyond just custody services to collateral management as well. Through its Komainu Connect platform, users can now access innovative collateral management solutions. This demonstrates Komainu’s commitment to providing comprehensive services that cater to the evolving needs of institutional clients.
The CEO’s Perspective
“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,” said Nicolas Bertrand, CEO of Komainu.
Bertrand emphasizes the UK’s role in financial technology and innovation, especially in the integration of traditional and decentralized finance. This regulatory achievement not only confirms Komainu’s dedication to their objectives but also showcases the UK’s forward-thinking approach to embracing digital assets.
Established in 2018, Komainu is a regulated digital asset custodian designed specifically for institutional entities. Its headquarters are located in Jersey, United States. The FCA’s approval is a significant validation for the company, highlighting its commitment to adhering to regulatory standards.
In addition to the FCA approval, Komainu has achieved other notable milestones. Its entity, Komainu MEA (Middle East and Africa) FZE, has secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). Furthermore, Komainu’s European entity has been included in Italy’s Official Asset Managers (OAM) registry, expanding their ability to provide digital asset custody services to institutional clients within the region.
Commitment to Regulatory Compliance
Evelien van den Arend, Head of Legal, Compliance, and Regulation at Komainu, emphasizes the company’s dedication to following a robust regulatory roadmap. She states,
“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 achievement for the industry. It not only reflects the growing popularity and importance of digital assets but also demonstrates the collaborative efforts between regulators and key industry players to establish a secure and reliable environment for crypto investors.
