Zodia Custody Expands Crypto Security Services to Hong Kong, Strengthening Asia-Pacific Presence
Zodia Custody, the renowned crypto security firm owned by British banking giant Standard Chartered, is set to launch its cutting-edge services in Hong Kong, marking a significant stride into the Asia-Pacific region. In an exclusive interview with CNBC, Zodia Custody revealed its plans to cater to the growing demand for secure crypto storage among institutional clients in Hong Kong.
Julian Sawyer, the CEO of Zodia, emphasized that Hong Kong’s crypto market is primarily driven by institutions rather than retail customers, making it an ideal target audience for the company. He further highlighted the Hong Kong government and regulators’ forward-thinking approach towards digital assets, positioning the city as a future hub for the industry.
Zodia Custody has been rapidly expanding its footprint across Asia, with recent launches in Japan, Singapore, and Australia. The company, jointly owned by Standard Chartered, Northern Trust, and Japan’s SBI Holdings, has been attracting clients from various jurisdictions who are eager to participate in the institutional side of the crypto market.
Despite China’s recent crackdown on crypto activities, Hong Kong has been increasingly embracing digital assets. The Hong Kong Securities and Futures Commission (SFC) introduced a regulatory framework earlier this year, enabling companies to apply for registration and offer their services in a regulated manner. Currently, only two firms, OSL Digital and Hash Blockchain, have received licenses from the SFC.
Zodia Custody’s expansion into Hong Kong will be carried out in a phased approach, initially focusing on providing services for a limited set of crypto assets. The company is also actively engaged in discussions with both the SFC and the Hong Kong Monetary Authority to secure regulatory compliance within the financial district.
With its entry into Hong Kong, Zodia Custody solidifies its presence in the Asia-Pacific region, catering to the evolving needs of institutional clients seeking secure and compliant crypto storage solutions. The company’s collaboration with Standard Chartered, Northern Trust, and SBI Holdings further strengthens its credibility and expertise in the industry.
As the crypto landscape continues to evolve, Zodia Custody remains at the forefront, delivering innovative solutions and contributing to the establishment of Hong Kong as a prominent hub for digital assets.