{"id":452700,"date":"2023-10-30T10:01:08","date_gmt":"2023-10-30T10:01:08","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=452700"},"modified":"2023-10-30T15:40:01","modified_gmt":"2023-10-30T15:40:01","slug":"standard-chartered-backed-zodia-custody-expands-into-hong-kong","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/standard-chartered-backed-zodia-custody-expands-into-hong-kong","title":{"rendered":"Standard Chartered-Backed Zodia Custody Expands Into Hong Kong"},"content":{"rendered":"

Standard Chartered-backed crypto security firm Zodia Custody announced it is expanding into Hong Kong, targeting growing institutional demand for secure crypto storage in the region<\/span><\/p>\n

“The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub,” said Zodia CEO <\/span>Julian Sawyer, according to a CNBC report<\/a>.<\/span><\/p>\n

Asia-Pacific Expansion and Institutional Focus<\/span><\/h2>\n

The expansion into Hong Kong represents part of Zodia’s strategy to penetrate the Asia-Pacific region, where it has progressively established its presence in Japan, Singapore, and Australia in recent months, the report added.<\/span><\/p>\n

Zodia’s expansion aligns with Hong Kong’s evolving stance on digital assets. Despite China’s stringent anti-crypto measures, Hong Kong has been progressively warming up to cryptocurrencies. <\/span><\/p>\n

\"Julian
Julian Sawyer (Left), CEO Zodia Custody at the Magic Circle Awards in May 2023<\/figcaption><\/figure>\n

The Hong Kong Securities and Futures Commission (SFC) has <\/span>launched a regulatory framework<\/span><\/a> for digital assets, permitting registered firms to offer services in a regulated manner. Presently, only two companies, <\/span>OSL Digital<\/span><\/a> and Hash Blockchain, have received licenses from the SFC.<\/span><\/p>\n

Zodia plans a phased approach to its Hong Kong expansion, initially offering limited crypto asset services while engaging in discussions with regulatory bodies like the SFC and Hong Kong Monetary Authority to pursue formal regulation in the financial district, the story said.<\/span><\/p>\n

Sawyer emphasized the responsibility of institutional adoption, particularly as different regions witness the maturation of their digital asset industries, the story added.<\/span><\/p>\n

“We also see a lot of other clients and prospects outside those four jurisdictions that want to come in on the institutional side,”<\/span><\/p>\n

Institutional-Grade Services and Regulatory Navigation<\/span><\/h2>\n

The firm’s move follows its recent expansions in <\/span>Australia<\/span> and <\/span>Singapore<\/span><\/a>, where Zodia introduced institutional services to tap into the burgeoning digital asset markets. Its platform acts as a secure portal connecting institutions to digital asset exchanges, offering bank-grade cold wallet storage for their assets.<\/span><\/p>\n

In Australia, the firm recently <\/span>introduced SAF3<\/span>, a specialized digital asset custody platform designed for institutional clients, offering real-time access and advanced security features. Sawyer emphasized responsible institutional adoption as crucial for the maturation of Australia’s digital asset industry.<\/span><\/p>\n

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𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴 𝗕𝗼𝘂𝗻𝗱𝗮𝗿𝗶𝗲𝘀: 𝗭𝗼𝗱𝗶𝗮 𝗖𝘂𝘀𝘁𝗼𝗱𝘆 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝗶𝗻 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮! 🇦🇺 <\/p>\n

We are delighted to announce Zodia Custody Australia and our successful proof of concept collaboration with @NAB<\/a>, validating SAF3 platform's bank-grade credentials. pic.twitter.com\/eOYFnU1cqc<\/a><\/p>\n

— Zodia (@ZodiaCustody) October 16, 2023<\/a><\/p><\/blockquote>\n