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According to reports, Zodia Custody, a crypto-security firm backed by British Banking giant Standard Chartered, recently announced plans to launch its services in Hong Kong. The UK-headquartered firm is setting sights on revving up the crypto-growth venture of the Asia-Pacific region with its recent decision.
Established in 2020, Zodia Custody is an institutional crypto custodian empowering global institutions, investors, and corporations with the ability to realize the potential of the future of digital assets.
Julian Sawyer Jacks Up The Upcoming Launch
According to the CEO of Zodia, Julian Sawyer, Hong Kong is emerging as one of the key players in the cryptocurrency realm. The country’s nature demanding more crypto-driven institutions rather than retail customers is pivotal, offering Zodia an ideal clientele.
The recent developments made by the SFC (Securities and Futures Commission) Hong Kong revolving around the regulation of crypto exchange-related activities portray a strong will of the country’s government eyeing a digital asset-backed future.
Zodia’s mission to boost the growth and development revolving around the adoption of cryptocurrencies in the Asia-Pacific region appears promising as the organization is burgeoning. According to reports, the firm recently opened its services in various other Asian countries, such as Japan and Singapore, while also launching services in Australia. However, Hong Kong may be the last stop in Zodia’s crypto venture, as stated by Sawyer.
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Hong Kong Emerging as a Fashionable Crypto Hub
Despite China portraying an anti-crypto behavior, Hong Kong is emerging as one of the leading players in the Web3 realm.
Following the launch of the SFC’s new regulatory regime for digital assets earlier this year, numerous crypto giants, such as Binance-backed HKVAEX and OKX, are eyeing setting up institutions in Hong Kong. The newly imposed regulatory regime mandates exchanges to apply for registration and thereafter offer services in a regulated way.
As of writing, OSL Digital and Hash Blockchain are the only firms that have been licensed by the SFC to provide services in Hong Kong. However, Zodia is in talks with the SFC and Hong Kong Monetary Authority, to function as a regulated entity in the financial district.
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