Crypto Custody Firm Copper Receives Key License in Hong Kong as it Expands in Asia Pacific

Copper is licensed as a Trust or Company Service Provider (TCSP) in Hong Kong.

The license acquisition represents a significant development in the company’s expansion into the Asia Pacific market.

Crypto custody specialist Copper announced in a press release on Wednesday that it has been granted a Trust or Company Service Provider (TCSP) license in Hong Kong.

A licence is a legal authorisation issued by the Hong Kong Companies Registry, allowing the holder to provide trust and corporate services to institutions in the jurisdiction.

The company said this win is an important step in Copper’s global expansion and the company’s compliance with international regulations.

“This is a significant development in Copper’s expansion into the Asia Pacific market. Combining trust and efficiency is at the core of our enterprise-centric approach,” Dmitry Tokarev, founder and CEO of Copper, said in the press release.

“This licensing approval in a globally significant hub further strengthens this unique offering by highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards,” Tokarev added.

Copper’s ClearLoop network allows clients to manage collateral and settle trades across multiple exchanges, while reducing counterparty risk and improving capital efficiency.

It has become the largest network for over-the-counter transactions globally, with 13.1 million transactions worth $109.9 billion in June, according to Copper.

Kraken MTF, the cryptocurrency exchange’s institutional-only derivatives trading unit, joined Copper’s ClearLoop network last month.

Read more: Kraken’s Derivatives Arm Joins Copper’s Crypto Settlement Network