The license permits the holder to provide trust and corporate services in the region.
Crypto custody specialist Copper has secured a Trust or Company Service Provider (TCSP) license in Hong Kong, the company said in a press release on Wednesday.
The license is a legal authorization granted by Hong Kong’s Companies Registry and permits the holder to provide trust and corporate services to institutions in the region.
The win represents a key step in Copper’s global expansion and the firm’s compliance with international regulations, the company said.
“This is a key development in Copper’s expansion in the Asia Pacific market. Combining trust and efficiency is fundamental to our institution-first approach,” Dmitry Tokarev, founder and CEO of Copper, said in the release.
“This license approval in a key global hub only strengthens that unique offer, highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards,” Tokarev added.
Copper’s ClearLoop network allows clients to manage collateral and settle trades across numerous exchanges while mitigating their counterparty risk and increasing capital efficiency.
According to Copper, it has become the largest global network for off-exchange settlement, and it processed 13.1 million trades worth $109.9 billion in June.
Kraken MTF, the crypto exchange’s institution-only derivatives trading unit, joined Copper’s ClearLoop network last month.
Source: www.coindesk.com