Crypto custody specialist Copper has successfully obtained a Trust or Company Service Provider (TCSP) license in Hong Kong, as announced in a recent press release. This significant milestone marks an essential step in Copper’s global expansion strategy and compliance with international regulations.
The TCSP license is a legal authorization issued by Hong Kong’s Companies Registry, allowing the holder to offer trust and corporate services to institutions within the region. This recognition demonstrates Copper’s commitment to meeting regulatory standards and serving institutional clients in Hong Kong.
Copper’s CEO, Dmitry Tokarev, emphasized the importance of this achievement for the company’s growth in the Asia Pacific market. He highlighted the combination of trust and efficiency as core principles of Copper’s institution-first approach. The license approval reinforces Copper’s adherence to Hong Kong’s regulatory frameworks and standards.
One of Copper’s key solutions, the ClearLoop network, enables clients to manage collateral and settle trades across multiple exchanges while reducing counterparty risk and enhancing capital efficiency. The network has established itself as the largest global platform for off-exchange settlement, processing a substantial volume of trades worth billions of dollars.
Recently, Kraken MTF, the institutional derivatives trading unit of the popular crypto exchange Kraken, became part of Copper’s ClearLoop network. This collaboration further strengthens Copper’s position in facilitating secure and efficient trading activities for institutional investors.
In conclusion, Copper’s acquisition of the TCSP license in Hong Kong underscores its dedication to regulatory compliance and expansion in the Asia Pacific region. The company’s innovative solutions and strategic partnerships continue to drive its growth and influence in the cryptocurrency custody industry.