With an increasing interests from institutional clients in crypto niche, Asia’s asset manager is now focusing on family office, is planning to launch a crypto custody services in Hong Kong.
According to post released on July 22, the CEO Henry Chong says that Fusang Vault, the custody services will hold cryptocurrencies for both clients as well as for periodic audits. However, the Fusung Vault will be launched within the fourth quarter of 2018.
The Chong further explained that, to provide an independent third party who holds crypto assets on behalf of clients. Since it is more likely to be a custodian bank in conventional finance. Since, he highlighted more on crypto assets that lacks the registration of ownership data. And as the result he considers service as a “paramount importance”.
“Digital assets are akin to bearer bonds, whereby whoever that is holding the security is presuming to be the owner. And there is no registration of ownership information of the security. Hence, the way we keep digital asset [sic] secured is of paramount importance”.
Although, Chong did not provided more details regarding Fusang Vault’s services. But said that company is in process with insurance firm to provide security for crypto assets.
Moreover, the Monetary Authority of Singapore operates the Fusung Investment Office and it is licensed by the country’s Securities and Futures Commission, website says.
Previously, Coinbase, the world’s largest crypto exchange has also launched a crypto custodian services. Therefore, it is regulated by a member of the US Financial Industry Regulatory Authority (FINRA) with SEC.