Zodia Custody Expands into Hong Kong to Meet Institutional Demand
Crypto custody solution Zodia Custody, which is partially owned by Standard Chartered, is making its way into the Hong Kong market. This move comes as Zodia Custody aims to tap into the growing institutional demand for crypto in the region. The company has previously expanded its services to other Asia-Pacific countries such as Japan, Singapore, and Australia.
According to Zodia Custody CEO Julian Sawyer, the Hong Kong government and regulators are supportive of digital assets and want the city-state to become a crypto hub. The company is in talks with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) to offer regulated services in the region. Additionally, there is interest from clients in other jurisdictions who are looking to get involved in crypto.
Hong Kong’s Positioning as a Major Crypto Hub
Hong Kong continues to attract crypto companies due to its favorable stance on the industry. Despite China’s anti-crypto attitude, Hong Kong aims to establish itself as a major cryptocurrency hub. The city-state recently introduced a rule that allows virtual asset providers (VASPs) to offer services to retail traders after obtaining a license.
HashKey Exchange and OSL Digital Securities have received licenses from Hong Kong’s SFC, allowing them to serve retail investors. This ongoing push towards becoming a crypto hub makes Hong Kong an attractive location for companies like Zodia Custody.
Hot Take: Zodia Custody Expands into Hong Kong Amid Growing Institutional Demand
Zodia Custody’s decision to expand its services into Hong Kong reflects the increasing institutional demand for crypto in the region. With support from both the government and regulators, Hong Kong is positioning itself as a major cryptocurrency hub despite China’s strict stance on digital assets. This move by Zodia Custody aligns with the company’s goal of providing regulated crypto custody solutions to institutional clients. As more crypto-based companies set up shop in Hong Kong, the city-state solidifies its reputation as a crypto-friendly environment and attracts further interest from global players in the industry.
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