CoinShares-owned Komainu secures crypto custodian registration in UK

Komainu is increasing its presence in the U.K. after agreeing with authorities to store crypto seized during local investigations in 2021.

Komainu, a cryptocurrency custody firm co-created by crypto investment firm CoinShares, hardware wallet provider Ledger and Japanese investment bank Nomura, has secured major regulatory approval in the United Kingdom.

The company announced on Oct. 6 that it had received approval from the U.K. Financial Conduct Authority (FCA) to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds regulations, 2017.

The crypto asset custody registration with the FCA allows Komainu to offer crypto custody services in the U.K., including collateral management services through its Komainu Connect platform.

“Komainu will offer institutional custody services as well as Komainu Connect, our leading collateral management solution in the United Kingdom," Komainu's head of strategy Sebastian Widmann told Cointelegraph.

“The U.K. remains one of the most important hubs for financial technology and innovation that will spur the convergence of traditional and decentralized finance,” Komainu CEO Nicolas Bertrand said.

Related: CoinShares says US not lagging in crypto adoption and regulation

Komainu’s latest regulatory approval comes soon after the company obtained a full operating license from Dubai’s Virtual Asset Regulatory Authority in August 2023. The crypto custody platform is also regulated by the Jersey Financial Services Commission, where it is headquartered.

As previously reported, Komainu has been closely working with U.K. authorities in recent years. In early 2021, Komainu claimed it made an agreement with the local authorities to securely store digital assets seized during the investigatory process.

Magazine: Big Questions: Did the NSA create Bitcoin?