Monument Bank delays retail tokenized deposits, cites regulatory issues in the UK
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Monument Bank plans to issue tokenized retail deposits in the Midnight blockchain with support from Canadian custodianMonument Bank postpones tokenized deposits in the UK by custody gargalo
Monument Bank postponed until November the retail release of its tokenized deposits after identifying a compliance gap related to FCA requirements. The British bank also incorporated a Canadian custodian, although it still does not disclose his identity, as part of regulatory preparations to offer digital money backed by bank deposits.
According to ChainCatcher, London-based challenger bank Monument Bank has delayed its £250 million (approximately $330 million) UK retail banking deposit tokenization project by several months because it has been unable to find a local crypto custodian in the UK that meets the Financial Conduct Authority (FCA) standards and can handle zero-knowledge privacy proofs. Monument Bank founder Mintoo Bhandari stated that the bank originally planned to …
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