Komainu, the cryptocurrency custody firm, has achieved a significant milestone. The UK’s Financial Conduct Authority (FCA) has granted the firm approval to operate as a custodian wallet provider. This move aligns with the Money Laundering, Terrorist Financing, and Transfer of Funds regulations set in 2017.
Komainu Gets Approval to Boost UK Crypto Services
With this approval, Komainu can now extend its crypto custody services in the UK. Moreover, the firm can offer collateral management services through its platform, Komainu Connect. Sebastian Widmann, Komainu’s head of strategy, emphasized the company’s intent to provide institutional custody services. Additionally, he highlighted the role of Komainu Connect as a leading collateral management solution in the UK.
Nicolas Bertrand, Komainu’s CEO, expressed his views on the UK’s position in the financial technology sector. He mentioned that the UK continues to be a pivotal hub for fintech. Hence, it plays a crucial role in bridging traditional and decentralized finance.
Komainu Achieves Multiple Global Regulatory Milestones
This isn’t the first time Komainu has been in the spotlight for its regulatory achievements. Recently, the company secured a full operating license from Dubai’s Virtual Asset Regulatory Authority. Additionally, the Jersey Financial Services Commission, where Komainu is headquartered, also regulates the platform.
Komainu’s collaboration with UK authorities has been noteworthy. The firm previously announced an agreement with local authorities. This agreement focused on the secure storage of digital assets during investigations.
Komainu is not just limiting its operations to the UK and Dubai. The firm recently unveiled its hedge fund division, Coinshares Hedge Fund Solutions. This move signifies Komainu’s intent to penetrate the US market. Consequently, qualified American investors will have access to Coinshares’ range of private investment products.
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