Zodia Crypto Services Now Available In Hong Kong

Zodia Custody, owned by Standard Chartered Bank, plans to offer its crypto custody services in Hong Kong, according to CNBC. As a UK-based company established in 2020, it specializes in securely holding digital assets for financial firms.

Zodia CEO Julian Sawyer said that Hong Kong is a crucial market for his company due to its institutional clients who have a strong demand for crypto assets. “The Hong Kong government and regulators are forward-looking and supportive of digital assets as they want Hong Kong to be a hub for innovation,” Sawyer added.

In just the past couple of months alone, Zodia has been on an expansion spree across Asia. They’ve already launched their services in Japan, Singapore, and Australia. Standard Chartered co-founded Zodiac along with Northern Trust and Japan’s SBI Holdings.

Sawyer said that Hong Kong is their final destination on Zodia’s tour across Asia-Pacific. He added, “We have seen a lot of interest and enthusiasm from clients in all of those four markets who want to leverage our services,” also mentioning how they have others from even outside of those four places who want access to the institutional crypto market.

Hong Kong Progressive Stance On Crypto Regulation Amidst China Crackdown

Despite the regulations imposed by China on Bitcoin trading and mining, Hong Kong has adopted a favorable stance towards cryptocurrencies. They have established a framework for digital assets. However, its development is considered groundbreaking in finance as it allows companies to register and operate in ways that offer their clients a range of cryptocurrency services.

While two companies have already obtained licenses from the SFC (Securities and Futures Commission), Zodia has taken an approach to its expansion strategy in Hong Kong. They are opting for the growth of rushing into things.

Zodia has also disclosed that it is currently engaging in discussions with partners and regulatory authorities to expand its presence and diversify its services in the future.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.