CoinShares in collaboration with a cryptocurrency storage firm has recently obtained approval in the United Kingdom.
On October 6th it was announced that the company is now eligible to register as a wallet provider under the UKs regulations pertaining to Money Laundering, Terrorist Financing and Transfer of Funds.
This development allows Komainu to offer its cryptocurrency storage services through its Komainu Connect platform. The platform, which was introduced in April 2023 provides a solution for institutional staking and asset management without the need for collateral with trade partners. This further enhances the safety of assets.
In addition to expanding its services to institutions in Italy after being listed in the directory of its European branch Komainu has also increased its presence in Singapore. Prior to obtaining authorization from the UK authorities Komainu had been under supervision by the Jersey Financial Services Commission (JFSC) since November 2019. This year they were granted a license by Dubais Virtual Asset Regulatory Authority (VARA) in February.
While there may be uncertainty surrounding cryptocurrencies in the US, the UKs Financial Conduct Authority (FCA) is actively establishing guidelines for crypto firms. This is evident from their release of new guidelines on August 17 and subsequent warning, on September 21 to promote secure operations.
Companies such as Andreessen Horowitz have recognized the opportunities in London. Established their offices there expecting the city to become a major hub, for cryptocurrency.