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Standard Chartered-owned cryptocurrency custodian Zodia has secured a license from Luxembourg to operate as a virtual asset service provider in Europe.

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According to Bloomberg, the custodian will officially announce the registration on Friday, March 10. Zodia has reportedly secured registration for its Irish arm with the Commission de Surveillance du Secteur Financier.

With the approval, Zodia could get clients in fund management. Zodia Custody Ireland CEO, John Cronin, added the London-based firm is also seeking approvals from watchdogs in France and Spain.

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Founded in 2020, Zodia Custody is owned by a British banking giant Standard Chartered, while Northern Trust holds a 10% stake in the business.

In February 2023, Zodia alongside SBI Digital Asset Holdings have entered into definitive agreements to launch a joint venture in Japan. The joint venture, owned 51% by SBI and 49% by Zodia, will provide custody services and other ancillary services for crypto assets to institutional clients.

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