The Fusang Investment Office has today disclosed details regarding its expansion plans in Hong Kong. It will be the unveiling of a crypto-custody service to hold assets for clients.
Aside from that, it will also be providing audits periodically as was disclosed by Henry Chong who is the current CEO of Fusang Vault. According to him, the unveiling of this service will be taking place in the fourth quarter of this year.
Chong struck a comparison between the financial bonds and digital assets. In a note, he outlined that there was a compelling need to put in place an independent third party. It would be instrumental in holding the crypto assets of clients.
This official spoke about the importance of a crypto-custodial service. He emphasized that it would help in those instances where the holding of digital assets would be lacking registration of ownership data.
Currently, this firm is working closely with a number of insurance companies in a bid to safeguard digital assets of the various clients. The various features of the upcoming Fusang Vault service won’t be outlined according to the CEO.
The Securities and Futures Commission of Hong Kong is the body that licenses Fusang Investment Office. The Monetary Authority of Singapore is the one responsible with its regulation. Coinbase happens to be one of the largest cryptocurrency exchanges globally. It was in July that that it unveiled a crypto-custodian solution to target institutional clients.
The U.S. Security and Exchange Commission together with an independent member of the U.S. Financial Industry Regulatory Authority play quite a significant role in the overall operation of Coinbase Custody. And market observers are optimistic of a brighter future based on current changes.
They take special note of the entrance of the various custodial solutions. They see it as one of the best signs that we might soon be witnessing quite a large number of institutional investors making their way in.
While addressing several news reporters recently, Chong outlined that they were making plans to ensure that all digital assets were kept in the most secure way.