Zodia Responds to Rising Institutional Demand by Launching Crypto Custody in Hong Kong

Standard Chartered’s crypto custody firm, Zodia, is expanding its services into Hong Kong, capitalizing on the growing institutional demand for cryptocurrency in the region.

The CEO of Zodia, Julian Sawyer, emphasized the unique appeal of the Hong Kong market, where institutional interest in cryptocurrencies outpaces retail demand. The move aligns with Hong Kong’s government and regulatory authorities’ vision, which recognize digital assets as a fundamental component of the region’s future and aspire to establish Hong Kong as a central hub for cryptocurrency-related activities.

Zodia’s expansion into Hong Kong follows a strategic rollout plan. Initially, the company aims to offer its services for a limited selection of crypto assets to clients in the region. Zodia is proactively engaged in discussions with both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority to ensure strict regulatory compliance. This careful approach reflects the commitment to uphold industry standards while meeting the specific needs of institutional clients in Hong Kong.

Zodia’s expansion into Hong Kong comes on the heels of its successful foray into other Asian markets, including Japan, Singapore, and Australia. This expansion underscores the increasing institutional interest in the cryptocurrency space across various Asian regions. The company is witnessing a growing demand from clients and prospects, not only in the existing markets but also from institutions outside of these jurisdictions, signaling a broader trend of institutional involvement in the crypto sector.

Clever Robot News Desk 31^st October 2023