Standard Chartered Plc financial institution department in Hong Kong
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Zodia Custody, the crypto safety firm owned by British banking big Standard Chartered, is launching its companies in Hong Kong, the corporate informed CNBC completely.
It marks the newest push for the U.Okay.-headquartered firm into the Asia-Pacific area. Founded in 2020, Zodia Custody helps monetary establishments retailer their crypto securely.
Julian Sawyer, CEO of Zodia, mentioned that Hong Kong was a market the place demand for crypto is pushed by establishments, moderately than retail prospects, including that is the best clientele for Zodia.
“The Hong Kong authorities and the regulators see digital belongings as the longer term and likewise need Hong Kong to be a hub,” Sawyer mentioned.
Zodia has been increasing aggressively in Asia. Indeed, the corporate opened its companies in Japan, Singapore and Australia in current months. It is part-owned by Standard Chartered, in addition to Northern Trust and Japan’s SBI Holdings.
Hong Kong is the final cease on Zodia’s tour across the Asia-Pacific area, Sawyer mentioned.
“What we’re seeing is there are completely shoppers in all of these 4 markets who wish to do issues,” he added.
“We additionally see a variety of different shoppers and prospects outdoors these 4 jurisdictions that wish to come in on the institutional aspect.”
Hong Kong has been more and more warming to crypto belongings regardless of a broader anti-crypto push from China, which banned bitcoin buying and selling and mining in 2021.
The Hong Kong Securities and Futures Commission (SFC) launched a regulatory regime for digital belongings earlier this yr, giving corporations the flexibility to use for registration and provide their companies in a regulated means.
So far, solely two companies, OSL Digital and Hash Blockchain, have been handed licenses by the SFC.
Zodia is embarking on its Hong Kong growth in a phased method. At first, it would search to supply companies for Hong Kong shoppers in a restrict set of crypto belongings.
Zodia can be in discussions with each the SFC and Hong Kong Monetary Authority about turning into regulated in the monetary district.