The UK Financial Conduct Authority (FCA) has granted Komainu the approval to operate as a custodian wallet provider, granting it access to the UK's crypto-custody market. This approval was obtained by the Nomura-backed crypto platform under the Money Laundering, Terrorist Financing act, and Transfer of Funds Regulations 2017.
With the FCA's approval, Komainu can provide crypto-custody services in the UK. This includes the provision of collateral management services through its Komainu Connect, a collateral management platform, for safe and compliant storage and handling of digital assets in the region, the company said.
Eying the UK's Growing Crypto Market
Nicolas Bertrand, the CEO of Komainu, stated: "This is a key regulatory milestone as the UK remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance."
"We are perfectly positioned to take advantage of the growing digital asset ecosystem in the UK, and other key jurisdictions, and remain committed to our growth plans."
This recent FCA registration is the latest addition to the approval of a series of regulatory licenses received by Komainu across various regions. Komainu (Jersey) has been regulated by the Jersey Financial Services Commission since November 2019. Furthermore, Komainu's European entity has recently been added to the OAM registry in Italy, enabling it to offer digital asset custody services to institutional clients in the country. Komainu has also been operational in Singapore since 2021.
Komainu Secures Multiple Licenses
In addition, Komainu MEA FZE obtained a VASP license from the Dubai Virtual Assets Regulatory Authority in August. This followed VARA's award of a Minimum Viable Product license to the company in 2022. This license enabled Komainu to expand its services in Dubai's digital asset market.
Komainu has been expanding its offering through strategic partnerships in the cryptocurrency sector. The company announced itspartnership with the crypto exchange OKX in June. Through this collaboration, OKX aims to utilize Komainu Connect to offer institutional customers a secure environment for trading segregated assets under custody.
Komainu introduced Komainu Connect in April 2023. The platform addresses a critical concern for institutional clients by eliminating the need to store collateral with trading partners. Instead, it offers a secure custody solution that enhances the safety and integrity of assets.
This article was written by Jared Kirui at www.financemagnates.com.
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