Zodia Custody, a digital asset custody company supported by Standard Chartered Bank, has dissolved its joint venture with Japan's SBI Holdings after two years of operation.
The joint venture, named SBI Zodia Custody, was 51% owned by SBI and 49% owned by Zodia Custody. According to its website, the project aimed to replicate institutional-grade custody services in the digital asset space.
Reportedly, Zodia Custody CEO Julian Sawyer told Bloomberg, "This is a strategic adjustment between SBI and us, a mutual decision; we have other priorities, and they have other priorities."
Sawyer revealed that the joint venture had been in discussions with Japan's Financial Services Agency (FSA) regarding local registration but had not yet submitted a formal application. He stated that they were "working and preparing for the application" and noted that the decision to dissolve was made before any regulatory application.
SBI Holdings spokesperson Kosuke Kitamura told Bloomberg that this exit should not be seen as a setback. He said, "This dissolution does not represent a retreat; [it is a] positive decision aimed at pursuing group-wide synergies at a faster pace under our digital ecosystem."
Last month, reports indicated that SBI Holdings planned to launch Japan's first dual-asset cryptocurrency exchange-traded fund (ETF), offering exposure to Bitcoin (BTC) and Ripple (XRP). However, the company later denied these reports.
Meanwhile, Zodia Custody continues to expand in other markets. The company recently acquired Tungsten Custody Solutions in the UAE, shifting its focus to more favorable regulatory environments.
Cointelegraph has reached out to Zodia Custody and SBI for comments but has not received a response as of publication.
Due to its cautious regulatory approach, Japan remains a challenging market for foreign crypto companies.
In July, WeFi co-founder and CEO Maksym Sakharov told Cointelegraph that Japan's regulatory bottlenecks, rather than taxes, are the real reason for crypto innovation leaving the country.
Sakharov stated that even if the proposed 20% unified tax rate on crypto gains were implemented, Japan's "slow, prescriptive, and risk-averse" approval culture would continue to drive startups and liquidity overseas.
He said, "A 55% progressive tax is painful and very obvious, but it is no longer the core obstacle. The pre-approval model of the FSA/Japan Virtual Currency Exchange Association and the lack of a truly dynamic regulatory sandbox are the reasons builders and liquidity are turning overseas."
Related: Report: Sub-Saharan Africa has become the third-fastest region for cryptocurrency adoption growth
Original article: “Zodia Custody Dissolves Joint Venture with SBI Holdings in Strategic Adjustment”
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