Genesis Custody receives FCA approval as cryptoasset business
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Genesis Custody receives FCA approval as cryptoasset business 14 December 2021UK Reporter: Jenna Lomax
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Genesis Custody Limited (Genesis Custody) has received approval from the Financial Conduct Authority (FCA) to be a registered cryptoasset business.
The approval signifies that Genesis possesses a governance and a compliance framework committed to countering financial crime, and that the firm meets the same anti-money laundering standards as other financial institutions under the FCA’s purview.
Genesis Custody provides segregated multi-asset storage for full custody of client assets.
Genesis Custody customers have access to portfolio management and execution through Genesis Global Trading, as well as yield generation opportunities through Genesis Global Capital.
These represent key building blocks in Genesis’ integrated execution-to-custody solution as a full service digital currency prime broker, offering trading, broking and lending, and custody for digital currencies.
The news follows Genesis Custody’s acquisition of Vo1t — a London-based digital custody service provider— in May 2020.
Since then, Vo1t’s proprietary technology has been integrated into the broader Genesis ecosystem, with the custody solution rolled out in May 2021.
Arianna Pretto-Sakmann, general counsel at Genesis, says: "This is an important milestone in our strategy to deliver to institutional clients cryptocurrency services that are compliant with the regulatory framework. This approval also reflects our commitment to working with regulators ? at the FCA and elsewhere ? as this asset class evolves. We will continue to do so as we expand our services in the coming months.”
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