Standard Chartered’s Zodia Enters Hong Kong Market
Zodia Custody, a crypto custody firm owned by Standard Chartered, Northern Trust, and Japan’s SBI, is set to launch its services in Hong Kong. The company, which is based in London and registered with regulatory authorities in the UK, Ireland, and Luxembourg, sees Hong Kong as an ideal market due to strong institutional demand for crypto assets. Julian Sawyer, CEO of Zodia, highlighted that the Hong Kong government and regulators recognize digital assets as the future and aim for the city to become a hub.
Phased Rollout and Regulatory Compliance
Zodia plans to roll out its services in Hong Kong in phases, initially offering limited crypto asset services to clients. The company is actively engaging with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority to ensure compliance with regulations.
Expanding Presence in Asia
Zodia has been actively expanding its services across Asia and recently entered markets in Japan, Singapore, and Australia. Sawyer noted that there is demand from clients in these markets as well as prospects outside of these jurisdictions who are interested in institutional crypto investments.
Hot Take: Standard Chartered-Owned Zodia Targets Hong Kong Crypto Market
Zodia Custody, a cryptocurrency custody firm backed by Standard Chartered, Northern Trust, and SBI Holdings, has announced its expansion into the Hong Kong market. Recognizing the strong institutional demand for digital assets in Hong Kong, Zodia aims to offer its services to clients in phases while ensuring regulatory compliance through discussions with relevant authorities. This move aligns with the Hong Kong government’s vision of becoming a leading hub for digital assets. With its successful entry into other Asian markets such as Japan, Singapore, and Australia, Zodia is poised to capitalize on the growing interest in institutional crypto investments.
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