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Standard Chartered's Zodia Begins Operations in Hong Kong

Crypto Company, Zodia owned by Standard Chartered, starts in Hong Kong

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563 Listen to this article Zodia Custody, the crypto security firm under the ownership of the renowned British banking institution, […]

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Zodia Custody, the crypto security firm under the ownership of the renowned British banking institution, Standard Chartered, has announced its commencement of services in the vibrant financial hub of Hong Kong. The news was exclusively revealed to CNBC.

https://twitter.com/globalalertdesk/status/1718789391500386379

Expansion into Hong Kong

This strategic move marks yet another milestone in Standard Chartered’s commitment to expanding its presence in the Asia-Pacific region. Established in 2020, Zodia Custody specializes in aiding financial institutions to securely store their cryptocurrency assets.

Institutional Crypto Demand in Hong Kong

Julian Sawyer, the CEO of Zodia, explained that the decision to enter the Hong Kong market is grounded in the unique demand for crypto services emerging from institutional clients rather than individual retail investors, making it an ideal demographic for Zodia’s offerings.

“Hong Kong’s government and regulatory bodies recognize the significance of digital assets in shaping the future of finance, and they aspire to position Hong Kong as a crypto hub,” Sawyer remarked.

Expanding Presence in Asia

The expansion in Hong Kong marks the latest in a series of aggressive moves by Zodia in the Asian market. In recent months, the company has already introduced its services in Japan, Singapore, and Australia. Notably, Zodia is co-owned by Standard Chartered, Northern Trust, and Japan’s SBI Holdings.

Regional Growth Culminates in Hong Kong

Julian Sawyer expressed that Hong Kong is the final destination in Zodia’s comprehensive tour of the Asia-Pacific region. He noted, “What we’re observing is that there’s a strong appetite among clients in all of these four markets to engage in crypto-related activities. Moreover, we’re also witnessing interest from prospective clients outside these regions who wish to enter the institutional crypto space.

Read Also:  South Korea Rises Up on Crypto Regulations with the Implementation of Leis and a Criminal Unit

Hong Kong’s Crypto Resilience

The decision to enter the Hong Kong market is particularly significant, as the region has been increasingly receptive to cryptocurrency assets, even amid China’s broader crackdown on crypto activities, which led to the prohibition of Bitcoin trading and mining in 2021. This has been facilitated by the Hong Kong Securities and Futures Commission (SFC), which introduced a regulatory framework for digital assets earlier this year, enabling companies to seek registration and provide services within a regulated framework.

Regulatory Framework

Up to this point, only two firms, OSL Digital and Hash Blockchain, have received licenses from the SFC. This resilience has been facilitated by the Hong Kong Securities and Futures Commission (SFC), which introduced a regulatory framework for digital assets earlier this year. This framework enables companies to seek registration and provide services within a regulated framework.

Limited Launch and Regulatory Pursuit

Zodia’s expansion into Hong Kong will take place in a phased approach. Initially, the company will offer its services for Hong Kong clients, focusing on a limited range of cryptocurrency assets. Simultaneously, Zodia is engaged in discussions with both the SFC and the Hong Kong Monetary Authority with the aim of attaining regulatory compliance within the financial district. This marks a significant step toward enhancing the safety and security of cryptocurrency transactions in the region.

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