Cryptocurrency storage provider Zodia Custody, a Standard Chartered (STAN) subsidiary, has initiated its operations in Singapore, introducing digital asset custody services tailored for financial institutions. The establishment of Zodia Custody (Singapore) Pvt. Limited marks a significant move, accompanied by the appointment of former Bitgo managing director Kai Kano as its inaugural CEO.
Notably, custody services in Singapore currently do not require licensing; however, Zodia Custody aims to position itself as a frontrunner for when regulatory requirements evolve.
Zodia Custody CEO Julian Sawyer conveyed the company’s forward-looking approach, stating, “We want to be present in global financial centers as soon as a regulatory framework allows us to invest confidently in a market, assuring our clients of our operational capabilities.” This expansion signifies a rare collaboration between a traditional financial institution and a digital asset firm in the Singaporean context. Zodia Custody is already established in the U.K., Ireland, Luxembourg, and has an application for registration pending in Japan.
Furthermore, Zodia Markets, a distinct entity supported by Standard Chartered Ventures and serving as a digital asset marketplace, recently received provisional approval to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi.
Standard Chartered’s involvement in various initiatives, including Project Guardian in collaboration with the Monetary Authority of Singapore (MAS), underscores its commitment to exploring asset tokenisation. Additionally, Standard Chartered is developing an initial token offering platform for issuing asset-backed security tokens listed on the Singapore Exchange, further enhancing its presence in the digital asset space.
