Komainu Enters UK Crypto Custody Space with FCA Registration

<p>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, and Transfer of Funds Regulations 2017.</p><p>With the FCA's approval, Komainu can now 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.</p><p>Eying UK's Growing Crypto Market</p><p>Nicolas Bertrand, CEO of <a href="https://www.financemagnates.com/tag/komainu/" target="_blank" rel="follow">Komainu</a>, 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."</p><p>"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."</p><p>This recent FCA registration is the latest addition to a
series of regulatory approvals 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.</p><p>Komainu Secures Multiple Licenses</p><p>In addition, Komainu MEA FZE <a href="https://www.financemagnates.com/cryptocurrency/dubais-crypto-surge-komainu-bags-license-after-binances-entry/" target="_blank" rel="follow">obtained a VASP license</a> 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.</p><p>Komainu has been expanding its offering through strategic
partnerships in the cryptocurrency sector. The company announced its
<a href="https://www.financemagnates.com/cryptocurrency/okx-partners-with-komainu-to-boost-institutional-cryptocurrency-trading-security/" target="_blank" rel="follow">partnership with crypto exchange OKX</a> in June. Through this collaboration, OKX aims
to utilize Komainu Connect to offer
institutional customers a secure environment for trading segregated assets
under custody.</p><p>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.</p>

This article was written by Jared Kirui at www.financemagnates.com.