Zodia Custody, a crypto custody solution partly owned by UK multinational banking institution Standard Chartered, is expanding its services to Hong Kong amid growing institutional demand for crypto in the city-state. The London-based company has previously expanded into other Asia-Pacific regions, including Japan, Singapore, and Australia. Zodia Custody is currently in talks with Hong Kong regulators, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), to offer regulated services in the region.

Hong Kong continues to attract crypto companies looking to set up businesses in a cryptocurrency-friendly environment. The city-state is working towards positioning itself as a major cryptocurrency hub, despite China's anti-crypto attitude. Recently, Hong Kong introduced a new rule allowing virtual asset providers (VASPs) to offer services to retail traders, provided they apply for and are granted a license.