Zodia Custody, a subsidiary of Standard Chartered Bank and a cryptocurrency custodian, revealed to CNBC that the company has expanded its operations in Singapore for the first time. The development makes Zodia the first bank-owned entity to partner with banks to provide cryptocurrency custody services to financial institutions in Singapore, the company said. Zodia CEO Julian Sawyer said Singapore is “moving towards a higher level of maturity” when it comes to cryptocurrency regulation and the development of central bank digital currencies.
Zodia’s expansion into Singapore follows its expansion into Abu Dhabi. The company received in-principle regulatory approval in Abu Dhabi earlier this month to capitalize on the United Arab Emirates capital’s crypto-friendly regulatory environment and status as a financial hub.
