Zodia Markets Adds EU Registration
Posted by Colin Lambert. Last updated: October 30, 2023
Following on from the firm receiving cryptoasset registration with the UK’s Financial Conduct Authority and in-principle approval from authorities to operate in Abu Dhabi, Standard Chartered-backed Zodia Markets says it has received its registration as a Virtual Asset Service Provider (VASP) to operate in the European Union.
The registration, with the Central Bank of Ireland, has been granted to the firm’s Irish entity, and allows it to provide OTC trading and exchange services to institutional clients. The firm adds the move highlights its “firm commitment” to collaborate with European regulators and operate in compliance.
The move precedes the implementation of the Markets in Cryptoassets Regulation (MiCA) in the EU, which is due to take effect towards the end of 2024 and will require the authorisation and supervision of crypto asset service providers.
“VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem,” says Michael Walsh, CEO of Zodia Markets Ireland and head of distribution. “The registration will act as a launchpad for the business to enter the EU, a market where we see significant opportunity and demand for our offering, and it paves the way for future MiCA authorisation when the regulations are implemented. We believe our VASP registration is further testament to the highest standards of compliance, security and risk procedures that run throughout the business, and which make us a trusted partner for our clients.”