Zodia Custody, a subsidiary of Standard Chartered Bank and cryptocurrency custodian, said it will launch its services in Hong Kong, China. Zodia CEO Julian Sawyer said demand for cryptocurrencies in the Hong Kong market is driven by institutions rather than retail investors. The Hong Kong government and regulators see digital assets as the future and want Hong Kong to become a (crypto) center.
Hong Kong’s Securities and Futures Commission launched a digital asset regulatory regime earlier this year to enable companies to apply for registration and provide services in a regulated manner.
Zodia is currently starting its expansion in Hong Kong in phases. It will seek to provide limited crypto-asset services to Hong Kong clients and discuss being regulated in the financial district with the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority. (CNBC)