Digivault Gets FCA Approval to Become First Stand-Alone Custodian Wallet

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In Brief
  • Digivault becomes the first stand-along digital asset custodian to gain approval from the FCA to register as a custodian wallet provider.

  • Digivault will become a provider under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations.

  • The move is a key step in Digivault's desire to provide compliant and secure custody services to those investing in digital assets.

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As of Friday morning, Digivault officially became the first stand-alone digital asset custodian to gain the approval of the U.K. Financial Conduct Authority. 

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On Friday, Digitvault announced that the U.K.’s Financial Conduct Authority (FCA) had approved the business as the first stand-alone digital custodian. Digivault is the secure digital asset custody business of Diginex Limited. Under the Money Laundering, Terrorist Financing, and Transfer of Funds regulations (MLR), Digivault can now register as a custodian wallet provider. 

With Digivault’s goal to provide compliant and secure custody services to corporate investors, the FCA approval is apparently a big step forward.

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Digivault’s cold storage system is a network made up of third-party vaults that are looked after by vault service provider, Malca-Amit. The assets stored within are safeguarded in an environment that is 100% offline much like gold and silver are. 

Warm custody solutions by Digivault are made up of features from both cold and hot storage. This is accomplished by creating a physical break with a series of hardware and software firewalls.

Digivault’s collaboration with Torstone Technology

The FCA approval comes on the heels of an announcement last week that Torstone Technology and Digivault had teamed up to enhance post-trade services for virtual assets. Torstone will be responsible for delivering post-trade settlement and virtual asset custody to clients through their settlement platform. Digivault will leverage this platform to allow clients to manage all coins in a single post-trade solution.  

Digitvault currently provides custody offerings for assets in bitcoin (BTC), ethereum (ETH), and USDC. Other assets hosted on ERC-20 and ERC-1400 protocols are also included.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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