World Crypto Global
- Written by: Tareq Sikder
- Mon, 18 Mar 2024
- Israel
Zodia Custody (HK) has been granted a Trustor Company Service Provider (TCSP) License in Hong Kong. This license,supported by Standard Chartered, represents a pivotal moment for theinstitution-first provider of digital asset custody solutions.Meeting Institutional DemandsWith the acquisition of the TCSP License, Zodia Custody (HK)is poised to offer comprehensive custody services for digital assets under theTCSP Licensing Regime. Hong Kong stands as a critical hub within the globaldigital asset ecosystem. The licensing enables Zodia Custody (HK) to cater tothe demands of both local and international institutional clients effectively.Zodia Custody(HK) emphasized the importance of this milestone in solidifying the firm'sposition as a known player in the digital asset custody market in Hong Kong.They highlighted the significance of offering a regulated platform that adheresto TCSP requirements, ensuring trust and reliability for institutional clients.The TCSP License opens avenues for Zodia Custody (HK) toprovide institutions operating in the region with a trusted platform. Bycomplying with regulatory frameworks, the firm aims to offer an infrastructurethat meets the stringent standards of the industry, bolstering confidence amongstakeholders.Zodia Markets' Global Footprint GrowthIn the past year, ZodiaCustody expanded its crypto security services to Hong Kong's financialinstitutions, 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, Zodiaaimed to penetrate the Asian market, including recent ventures in Japan,Singapore, and Australia. In Australia, the introduction of SAF3, a digitalasset custody platform tailored for institutional use, highlighted Zodia'semphasis on responsible adoption. Furthermore, Zodia Markets secured registration as a VirtualAsset Service Provider with the Central Bank of Ireland, enhancing itscredibility. Earlier, the company obtained In-Principle Approval from the AbuDhabi Global Market, paving the way for regulated operations in the Middle Eastand Africa. This article was written by Tareq Sikder at www.financemagnates.com.
