Zodia Custody (HK) has been granted a Trust or Company Service Provider (TCSP) License in Hong Kong. This license, supported by Standard Chartered, represents a pivotal moment for the institution-first provider of digital asset custody solutions.
Meeting Institutional Demands
With the acquisition of the TCSP License, Zodia Custody (HK) is poised to offer comprehensive custody services for digital assets under the TCSP Licensing Regime. Hong Kong stands as a critical hub within the global digital asset ecosystem. The licensing enables Zodia Custody (HK) to cater to the demands of both local and international institutional clients effectively.
Zodia Custody(HK) emphasized the importance of this milestone in solidifying the firm's position as a known player in the digital asset custody market in Hong Kong. They highlighted the significance of offering a regulated platform that adheres to TCSP requirements, ensuring trust and reliability for institutional clients.
The TCSP License opens avenues for Zodia Custody (HK) to provide institutions operating in the region with a trusted platform. By complying with regulatory frameworks, the firm aims to offer an infrastructure that meets the stringent standards of the industry, bolstering confidence among stakeholders.
Zodia Markets' Global Footprint Growth
In the past year, Zodia Custody expanded its crypto security services to Hong Kong's financial institutions, aligning with institutional demand for crypto asset storage, as reported by Finance Magnates. Originating in 2020 as the UK-based crypto arm of Standard Chartered, Zodia aimed to penetrate the Asian market, including recent ventures in Japan, Singapore, and Australia. In Australia, the introduction of SAF3, a digital asset custody platform tailored for institutional use, highlighted Zodia's emphasis on responsible adoption.
Furthermore, Zodia Markets secured registration as a Virtual Asset Service Provider with the Central Bank of Ireland, enhancing its credibility. Earlier, the company obtained In-Principle Approval from the Abu Dhabi Global Market, paving the way for regulated operations in the Middle East and Africa.
This article was written by Tareq Sikder at www.financemagnates.com.
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