Ahmed Ali Crypto custody enterprise Zodia, which is under the ownership of Standard Chartered, Northern Trust, and Japan’s SBI, has begun offering its services in Hong Kong, as reported by CNBC. The firm is headquartered in London and is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Central Bank of Ireland (CBI) in Ireland, and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Zodia’s CEO, Julian Sawyer, stated that the Hong Kong market exhibits a greater institutional demand for cryptocurrency than retail demand, rendering it an optimal location for their operations. She further elaborated:
The governing bodies and regulators in Hong Kong view digital assets as the way forward and aim to establish Hong Kong as a central hub for this emerging asset class.
The company has planned a phased launch of its services in the Hong Kong market. Initially, Zodia aims to provide a restricted range of crypto asset services to its Hong Kong clientele. In addition, the firm is currently engaging in discussions with both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority to ensure that it complies with local regulations.
Zodia has been actively broadening its footprint in the Asian market, having recently extended its offerings to Japan, Singapore, and Australia. According to Sawyer:
We have observed that there are definitely clients in each of these four markets who are interested in engaging with us. Moreover, we are witnessing interest from institutional clients and potential clients beyond these jurisdictions as well.
We invite your thoughts on Zodia, a subsidiary of Standard Chartered, launching its crypto custody services in Hong Kong. Kindly share your insights in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Standard Chartered’s Zodia Crypto Custody Hong Kong Launch
What is the main subject of the article?
The main subject of the article is the initiation of services in Hong Kong by Zodia, a crypto custody firm owned by Standard Chartered, Northern Trust, and Japan’s SBI.
Who owns Zodia?
Zodia is owned by Standard Chartered, Northern Trust, and Japan’s SBI. It is a subsidiary that specializes in crypto custody services.
Where is Zodia registered and headquartered?
Zodia is headquartered in London and is registered with multiple financial regulatory bodies: the Financial Conduct Authority (FCA) in the United Kingdom, the Central Bank of Ireland (CBI) in Ireland, and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
What did Julian Sawyer, the CEO of Zodia, say about the Hong Kong market?
Julian Sawyer, the CEO of Zodia, emphasized that institutional demand for cryptocurrencies in Hong Kong outstrips retail demand. She also mentioned that the government and regulators in Hong Kong view digital assets as the future and aim to make Hong Kong a hub for this asset class.
What is the launch strategy of Zodia in Hong Kong?
Zodia is adopting a phased approach for its Hong Kong launch. Initially, the firm aims to offer a limited set of crypto asset services to clients in Hong Kong. Furthermore, Zodia is in active discussions with local authorities, specifically the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority, to ensure regulatory compliance.
Has Zodia expanded its services to other Asian markets?
Yes, Zodia has actively been expanding its services in Asia. Prior to its Hong Kong launch, the firm had extended its offerings to Japan, Singapore, and Australia.
What kinds of clients is Zodia targeting?
Zodia is primarily targeting institutional clients, both within the four markets of Japan, Singapore, Australia, and Hong Kong, as well as potential clients beyond these jurisdictions.
Is Zodia compliant with regulatory authorities?
Zodia is actively engaging in discussions with both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority to ensure it operates in full compliance with local regulations. The firm is already regulated by financial authorities in the United Kingdom, Ireland, and Luxembourg.
More about Standard Chartered’s Zodia Crypto Custody Hong Kong Launch
- Standard Chartered Official Website
- Zodia Custody Official Website
- Hong Kong Securities and Futures Commission (SFC)
- Hong Kong Monetary Authority
- Financial Conduct Authority (FCA)
- Central Bank of Ireland (CBI)
- Commission de Surveillance du Secteur Financier (CSSF)
- CNBC News Report
- Digital Assets and Cryptocurrency Regulation in Hong Kong
- Institutional Investment in Cryptocurrencies
8 comments
Regulatory compliance discussions are key here. Zodia isn’t just making a splash, they’re doing their homework. Shows they’re in it for the long run.
Hong Kong as a hub for crypto, its a smart move. With China’s stance, HK could really capitalize on this.
Does anyone know what “limited set of crypto assets” they’re starting with? Curious minds wanna know.
Standard Chartered entering crypto game is a clear signal for traditional finance. The tide is turning, people.
So the HK government is bullish on crypto, huh? Good to see regulatory bodies showing some positive signs for once.
institutional clients are where the big money is. Zodia’s got their eye on the prize for sure.
A phased rollout seems like a solid strategy. Test the waters, then dive in.
Wow, Zodia is making big moves! Breaking into the HK market shows they’re serious about expanding in Asia. whats next?