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2024-07-22

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 Number TC009487), allowing 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), creating a legal and compliant regulatory framework for the independent custody of crypto assets. This system is an essential part of Hong-Kong foundation as a Web3 financial center. The TCSP framework not only imposes strict requirements 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 the development of blockchain technology.

Deep Custodian Limited has stated that it will use advanced security technologies to provide secure and compliant asset custody services to both retail and institutional clients, ensuring that every transaction is conducted in a safe and secure environment.

Over the past year, Deepcoin has made steady progress in terms of regulatory compliance. Last September, Deepcoin Labs received approval for the Dubai DMCC License and an Established $100 million fund to inject strong momentum and financial support into innovation in the Web3 industry. In January this year, Deepcoin became the seventh overseas cryptocurrency exchange globally to achieve CODE compliance, taking into account South Korea’s cryptocurrency Travel rules.

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SOURCE Deepcoin