Zodia
Custody is making its mark in Hong Kong as it extends its crypto security
services to financial institutions in the region. Founded in 2020, the UK-based
crypto arm of Standard Chartered aims to meet the institutional demand for
crypto asset storage, making Hong Kong an ideal market. The move comes as part
of Zodia’s recent expansion into the Asia-Pacific (APAC) region, including
Australia.
Zodia Taps Into
Institutional Demand in Hong Kong
According
to Zodia, financial institutions in Hong Kong have shown an increasing interest
in crypto assets, creating an ideal client base for Zodia. Julian Sawyer, the
company’s CEO, emphasized that unlike other markets where retail consumers are
the primary crypto traders, in Hong Kong the demand is institutionally driven.
Therefore, the company finds the market aligning well with its services.
Hong Kong
has been open to crypto assets, even as China moves in the opposite direction
with crypto bans. The Hong Kong Securities and Futures Commission (SFC)
initiated a regulatory framework earlier this year, enabling companies to
register and offer crypto services in a regulated manner. Zodia aims to engage
in discussions with both the SFC and the Hong Kong Monetary Authority (HKMA) to
be regulated in the financial district.
“The Hong
Kong government and the regulators see digital assets as the future and also
want Hong Kong to be a hub ,” said Sawyer, quoted by CNBC,…
