Digivault, the digital-asset custodian within the Diginex group, has received the relevant licence from the UK Financial Conduct Authority (FCA).
Today we are proud to announce our #DigitalAsset custody branch @DigivaultGlobal became the first standalone custodian to receive FCA approval to custody #crypto, furthering our mission to bring digital assets to the world. $EQOS https://t.co/NmFwT2eSI2
— Diginex (@DiginexGlobal) May 14, 2021
The company said it anticipated an influx of institutional clients once regulatory uncertainty abated. The FCA’s decision signals Digivault’s compliance with AML/CFT requirements.
Chief executive Rob Cooper told Cointelegraph that the regulator has effectively recognised a new asset class.
Digivault offers cold wallets kept in the physical vaults of Hong Kong-based Malca-Amit, a specialist in security matters. The firm has also developed a solution that employs hardware- and software-firewalls.
The custodian provides storage for Bitcoin, Ethereum, and tokens conforming to the ERC-20 and ERC-1400 standards.
banned the sale of derivatives based on digital assets to retail investors.
In December 2020 the regulator introduced a temporary-registration regime for cryptocurrency firms.
In early 2021 the FCA warned that investing in cryptoassets carries high risks.