Zodia Custody becomes first dedicated cryptoasset custodian registered in Ireland
Zodia Custody has been added to the Central Bank of Ireland’s Virtual Asset Service Provider Register, making it the first dedicated cryptoasset custodian to be registered to provide commercial services to clients in Ireland.
An institutional cryptoasset servicing company, Zodia Custody established its Irish subsidiary in August 2021. Zodia Custody is a wholly owned subsidiary of Standard Chartered Bank and with investment from Northern Trust, satisfies institutional investors’ need for a cryptoasset servicing provider that meets institutional standards and expectations.
Zodia Custody Ireland’s registration with the CBI means that the company will be subject to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended), demonstrating its commitment to high standards of compliance.
Cryptoassets were brought within the scope of the Act in April 2021 and registration is now mandatory for all firms providing cryptoasset services in Ireland. Following the European Union’s agreement on MiCAR in June 2022, Zodia Custody Ireland’s registration will mean the company is well positioned to service clients across the EU when this regulatory regime comes into force.
This expansion comes in the wake of news that Zodia Custody has become one of the first cryptoasset custodians to achieve ISO 27001 certification and to have completed a SOC1 Type 1 report. As a subsidiary of a tier-one banking group, Zodia Custody continues to strengthen its credentials to satisfy the ever-evolving need of institutional investors.
Minister of State at the Department of Finance, Seán Fleming TD, said “I would like to congratulate Zodia Custody for registering as a Virtual Asset Service Provider. The move is highly significant for Ireland, as the Government seeks to focus on innovation in the financial services sector as a key provider of growth in the economy. Blockchain technology is one of the great disruptors for payments and capital markets. Ireland can grasp this opportunity with our strong track record for building globally recognised payment companies and innovative financial services businesses. I wish Zodia Custody every continued success for the future.”
“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 officer of Zodia Custody Ireland. “We aim to play our part by providing institutions with a safe and secure solution for investing in cryptoassets. We are in the process of obtaining similar registrations in jurisdictions across Europe, ensuring we are well-positioned for MiCAR.”
Kieran Donoghue, global head of strategy, public policy and international financial services, IDA Ireland, added: “This investment will act as a strong reference case in seeking to further develop the nascent crypto custody sector. We are grateful for Zodia’s commitment to Ireland and the leading-edge capabilities it will bring to the industry here across governance, custody, and compliance.”