Zodia Custody gets approval to provide cryptoasset custodian services in Ireland

Cryptoasset servicing company Zodia Custody Ireland has been given approval to provide commercial services to clients in Ireland, the first dedicated cryptoasset custodian to be registered to provide such services here.

The Standard Chartered subsidiary, which is also backed by Northern Trust, established its Irish arm in August last year. The London-based cryptoasset servicing provider targets institutional investors.

“There’s been a lot of activity surrounding cryptoassets in Ireland recently, with the CBI’s approval of a Qualifying Investor Alternative Investment Fund to invest in cryptoassets, the Irish Funds Industry Association publishing a paper on cryptoassets and several firms establishing a presence here to build out the ecosystem,” said John Cronin, chief executive of Zodia Custody Ireland said. “We aim to play our part by providing institutions with a safe and secure solution for investing in cryptoassets.”

The company said it was are in the process of obtaining similar registrations across Europe, ensuring it was well positioned for the introduction of Europe-wide regulation of cryptoassets.

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“Zodia Custody’s decision to establish its EU crypto custodian business in Ireland and to secure registration as a Virtual Asset Service Provider (VASP) is a significant development in an emerging and rapidly growing sector of the financial services industry,” said Kieran Donoghue, Global Head of Strategy, Public Policy and International Financial Services with IDA Ireland. “This investment will act as a strong reference case in seeking to further develop the nascent crypto custody sector.

The news was welcomed by Minister of State at the Department of Finance, Seán Fleming, who said it was a “highly significant move” for Ireland and the Government’s focus on innovation in the financial services sector as a key provider of growth in the economy. “Blockchain technology is one of the great disrupters for payments and capital markets,” he said. “Ireland can grasp this opportunity with our strong track record for building globally recognised payment companies and innovative financial services businesses.”