- Zodia Custody (HK) has received the Trust or Company Service Provider (TCSP) license.
- The Standard Chartered-backed digital assets custody platform will offer regulated services to institutional clients.
Zodia Custody (HK), a crypto custody solutions provider, has received the Trust or Company Service Provider (TCSP) license.
The license allows the Standard Chartered-backed digital assets custody provider to bring its services to the Hong Kong market, according to details in a company news report.
This pivotal milestone allows Zodia Custody (HK) to solidify its position within the crypto space, it added.
Zodia Custody targets Hong Kong market
Zodia Custody’s targeting of the Hong Kong market comes as the region looks to enhance their global standing as a digital assets hub. The various initiatives include the push for proper licensing of crypto firms and the reported pursuit of spot Ethereum c exchange-traded funds (ETFs).
The company recently appointed Kal Chan as CEO, with one of his goals being to spearhead the adoption of digitals assets in the region.
“Hong Kong isn’t just a major hub for digital assets in Asia, it is leading the world in showing the pathway to mainstream adoption,” Chan said at the time. The crypto platform will leverage its bank-backed heritage in its regulatory and institutional goals, Chan added.
With the Hong Kong license, Zodia Custody will offer its services to institutional clients, both local and international. The objective is to provide a regulated platform whose infrastructure and products comply with TCSP requirements.
In December last year, Zodia Custody integrated with Metaco, a crypto storage provider owned by Ripple. The integration allowed for global sub-custody, with this akin to the use of custody providers in the traditional banking ecosystem.