- The FCA’s authorization emphasizes the UK’s function as a key center for fintech and cryptocurrency innovation.
- Komainu has been pursuing regulatory permissions since 2018 and most recently obtained a VASP license from Dubai’s VARA.
The U.K. Financial Conduct Authority (FCA) granted Komainu’s application to register as a custodian wallet provider on Friday. Komainu provides digital asset custody services.
Over the weekend, the FCA’s new promotion guidelines went into force, according to CoinDesk. According to the regulations, businesses must be registered in the UK in order to authorize their adverts and properly notify consumers of risks. Failure to comply could result in a two-year prison sentence.
The 2017 Money Laundering, Terrorist Financing, and Transfer of Funds (Information of the Payer) Regulations are in compliance with this permission.
Events like Future of Digital Assets conference on Nov. 14 are essential in recognizing such achievements as the cryptocurrency sector continues to develop.
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Nicolas Bertrand, CEO of Komainu, said in a statement regarding the registration that “this is a key regulatory milestone” because the UK “remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance.”
He stressed Komainu’s strategic posture to take advantage of the UK’s and other important nations’ developing digital asset ecosystems.
The Jersey Financial Services Commission (JFSC) recently granted Komainu a VASP license. Komainu has been subject to Jersey Financial Services Commission regulation since November 2019.
Additionally, its European business was included in the OAM register in Italy, allowing it to offer institutional clients in Italy access to its digital asset custody services. Since 2021, Komainu has also made a point of being present in Singapore.
Komainu’s head of legal, compliance, and regulation, Evelien van den Arend, offered the following insight into the company’s development: “This UK MLR registration follows our recent registration with the necessary Italian authorities, as well as our establishment in Dubai. We are dedicated to providing a solid regulatory roadmap to support our growth goal.
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