Zodia Announces 'Virtual Asset Custody Report'... Focus on Middle East and Africa

Zodia Custody, a virtual asset custody company under the global investment bank Standard Chartered (SC), announced on the 30th that it has released a report titled 'The Future and Best Practices of Custody for Web3, Decentralized Autonomous Organizations (DAO), and Blockchain Foundations.'

This report was prepared in collaboration with the Abu Dhabi Global Market (ADGM), an international financial center in the United Arab Emirates (UAE). The core of the report is the future of digital asset custody regulation. In particular, the report focuses on the regulatory changes in the Middle East and Africa (MEA) region.

The report also addresses ADGM's approach to digital asset custody regulation. Specifically, the report categorizes the characteristics of ADGM's regulatory approach into three: tailored structure, recognition, and accountability. It explains that ADGM is creating regulations tailored to the Web3 industry, has a clear understanding of Decentralized Autonomous Organizations (DAO), and separates the legal responsibilities of blockchain foundations and developers.

The future keywords of the digital asset custody industry are necessity and trust. The report first sees that, like traditional finance (TradFi), the Web3 industry needs compliant custody companies to grow. It also observes that custody companies that store digital assets will play a key role in building trust relationships with regulatory authorities in the Web3 organization.

Zane Suran, Managing Director of Zodia Custody MEA, said, "Clear regulation in the digital asset field is a top priority for market participants," and expressed hope that this report will help educate on the importance of a consistent regulatory approach.