SINGAPORE, July 22,
2024 /PRNewswire/ -- Deep Custodian Limited announced
that it has been approved for the Hong Kong Trust or Company
Service Provider License (TCSP License, License No. TC009487),
enabling it to legally and compliantly provide custody services for
crypto assets, including Bitcoin (BTC)
and Ethereum (ETH).
Since March 1, 2018, Hong Kong has implemented a licensing system
for Trust and Company Service Providers (TCSPs), establishing a
legal and compliant regulatory framework for the independent
custody of crypto assets. This system forms an
essential part of Hong Kong's
foundation as a Web3 financial center. The TCSP framework imposes
stringent requirements not only on the IT infrastructure of
applicants and operators but also incorporates numerous regulatory
principles from traditional finance. These include compliance
assurance, KYC and anti-money laundering measures, the
establishment of hot and cold wallet security mechanisms, and
blockchain technology development.
Deep Custodian Limited stated that it will utilize advanced
security technologies to provide secure and compliant asset custody
services for both individual and institutional clients, ensuring
that every transaction is conducted in a safe and reliable
environment.
Over the past year, Deepcoin has made continuous progress in the
path of legal compliance. Last September, Deepcoin Labs received
approval for the Dubai DMCC license and established a
$100 million fund to inject strong
momentum and financial support into innovation in the Web3
industry. In January of this year, Deepcoin became the seventh
overseas cryptocurrency exchange globally to gain CODE
compliance, adhering to South
Korea's cryptocurrency Travel Rule
regulations.
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SOURCE Deepcoin