Zodia Custody Extends to Hong Kong Following Recent Launch in Australia

<p>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 region, including
Australia.</p><p>Zodia Taps into
Institutional Demand in Hong Kong</p><p>According
to <a href="https://www.financemagnates.com/tag/zodia-custody/" target="_blank" rel="follow">Zodia</a>, 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.</p><p><a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-new-crypto-regime-kicks-in/" target="_blank" rel="follow">Hong Kong
has been open to crypto assets</a>, 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 to
be regulated in the financial district.</p><p>“The Hong
Kong government and the regulators see digital assets as the future and also
want Hong Kong to be a <a href="https://www.financemagnates.com/terms/h/hub/">hub</a>,” said Sawyer, quoted by CNBC, which first reported
the newest developments in the cryptocurrency industry.</p><p>So far,
only two companies, OSL Digital and Hash Blockchain, have secured licenses from
the SFC to operate in Hong Kong's regulated crypto space. In the first phase of
its Hong Kong operations, Zodia plans to offer a limited set of crypto assets
to its clients. </p><p>Broader Reach in the
Asia-Pacific Region</p><p>Previously,
Zodia has expanded its operations in Japan, Singapore, and Australia. Hong Kong
serves as the latest addition to its Asia-Pacific tour. The company is also
considering future partnerships and is open to clients from jurisdictions
outside of its current operational footprint.</p><p>Earlier
this month, Zodia Custody <a href="https://www.financemagnates.com/forex/news-nuggets-18-october-gtc-appoints-cypriot-head-justmarkets-revamps-ib-program/" target="_blank" rel="follow">made waves in Australia by introducing SAF3</a>, a
digital asset custody platform specifically designed for institutional clients.
SAF3 features bank-grade cold wallet storage that can be accessed in real-time
and is equipped with advanced <a href="https://www.financemagnates.com/terms/r/risk-management/">risk management</a> and fraud detection capabilities.
Julian Sawyer, the CEO of Zodia Custody, underscored the significance of
responsible institutional adoption, particularly as Australia's digital asset
industry continues to mature.</p><p>Adding to
its list of accomplishments, <a href="https://www.financemagnates.com/cryptocurrency/zodia-markets-eyes-eu-gains-vasp-registration-in-ireland/" target="_blank" rel="follow">Zodia Markets secured registration as a Virtual
Asset Service Provider with the Central Bank of Ireland just last week</a>.
This registration ensures that Zodia Markets aligns more closely with existing
regulatory frameworks, enhancing its credibility and appeal to institutional
investors.</p><p>Previously,
in September, Zodia Markets had already <a href="https://www.financemagnates.com/forex/news-nuggets-6-september-zodia-expands-into-abu-dhabi-belgium-fsa-issues-new-warnings/" target="_blank" rel="follow">made inroads into the Middle East</a> and
Africa by obtaining In-Principle Approval from the Abu Dhabi Global
Market. This permitted Zodia Markets to initiate regulated operations in
the United Arab Emirates, a rising star in the world of digital assets. The
approval aimed to offer institutional investors in the Middle East and Africa
secure and reliable access to digital assets, thus expanding Zodia Markets'
global footprint.</p>

This article was written by Damian Chmiel at www.financemagnates.com.