Standard Chartered Bank is making significant strides in cryptocurrency as its subsidiary, Zodia Custody, sets its sights on Hong Kong. SC’s strategic move expands into Asia-Pacific, meeting the rising demand for secure cryptocurrency storage among financial institutions.
Standard Chartered News: Zodia Custody’s Ambitious Expansion
Zodia Custody, co-owned by Standard Chartered, Northern Trust, and Japan’s SBI Holdings, is gaining prominence in the Asia-Pacific region. The company, expanding to Japan, Singapore, and Australia, is now set to meet Hong Kong’s institutional-driven crypto demands. Julian Sawyer, CEO of Zodia, notes that the company’s focus on serving institutions aligns perfectly with Hong Kong’s evolving crypto landscape.
While the broader climate in China remains unfavourable towards cryptocurrencies, Hong Kong has been increasingly receptive to these digital assets. The SFC established regulations for digital assets, enabling companies to conduct operations within a structured and compliant framework. Only two firms, OSL Digital and Hash Blockchain, have obtained licenses from the SFC. Zodia’s commitment to aligning with regulators and meeting client needs demonstrates dedication to bolstering Hong Kong’s crypto industry. Furthermore, the company is actively discussing with the SFC and Hong Kong Monetary Authority to become a regulated entity within the financial district.
Standard Chartered’s Pioneering Move in Crypto
The bank’s ability to recognise and leverage opportunities in the crypto sector demonstrates its dedication to providing comprehensive financial solutions. As a result, Standard Chartered investors and stakeholders can expect continued growth in the bank’s share price and a stronger foothold in the Asia-Pacific market.
In conclusion, Standard Chartered Bank’s subsidiary, Zodia Custody, is capitalising on the increasing institutional demand for crypto in Hong Kong. Zodia’s phased strategy and cooperation with regulators show their dedication to meeting client demands and supporting Hong Kong’s crypto sector. For the latest updates on Standard Chartered Bank and its initiatives, investors can refer to Standard Chartered Investor Relations and stay informed about Standard Chartered news and share prices.
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