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.

SOURCE Deepcoin