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

Komainu, a digital asset custody provider, has received official approval from the UK Financial Conduct Authority (FCA).

With this endorsement, the firm is now permitted to operate as a custodial wallet service in line with the 2017 regulations pertaining to money laundering, terrorist funding, and funds transfer.

As detailed in an October 6 press release, this FCA clearance empowers Komainu to render cryptocurrency custody services within the UK. Additionally, the authorization encompasses collateral management services, which clients can avail through the Komainu Connect platform.

Nicolas Bertrand, Komainu’s CEO, shared his insights on the profound implications of securing this regulatory clearance. He highlighted the pivotal role the UK plays in fintech and innovation, especially in the convergence of traditional finance with its decentralized counterpart.

Bertrand remarked, “Given our strategic stance, we are perfectly poised to tap into the burgeoning digital asset scene in the UK and other crucial regions. Our unwavering dedication towards our growth aspirations remains intact.”

Koimanu’s Regulatory Efforts

Founded in 2018 and based in Jersey, United States, Komainu is a regulated digital asset custodian tailored for institutional clientele.

The recent nod from the FCA marks a pivotal achievement for the company. This accolade comes hot on the heels of another distinction for one of its branches, Komainu MEA (Middle East and Africa) FZE, which procured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

Furthermore, Komainu’s European division recently secured a spot in Italy’s Official Asset Managers (OAM) registry. This recognition broadens its ability to offer digital asset custody services to institutional partners in the European domain.

Highlighting the firm’s dedication to upholding a rigorous regulatory framework, Evelien van den Arend, who heads Legal, Compliance, and Regulation at Komainu, emphasized their steadfast commitment to a stringent regulatory trajectory.

Evelien van den Arend commented, “Following our recent alignment with the pertinent Italian authorities and our foundation in Dubai, this UK MLR registration signifies our commitment. Our objective is to bolster our growth blueprint with a robust regulatory backbone.”

The recognition of Komainu as a crypto custodian in the UK signifies a monumental stride for the cryptocurrency sector. It underscores the escalating significance and adoption of digital assets within the overarching financial arena.

Moreover, this milestone exemplifies the continuing partnership between regulatory bodies and pivotal industry stakeholders, collectively aiming to carve out a safe and trustworthy ecosystem for crypto enthusiasts and investors.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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