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Copper, a leader in crypto custody, has achieved a significant milestone by obtaining a Trust or Company Service Provider (TCSP) license in Hong Kong. This license, issued by Hong Kong’s Companies Registry, authorizes Copper to provide trust and corporate services to institutions within the region, marking a pivotal step in its global expansion.
Copper’s CEO and founder, Dmitry Tokarev, emphasized the importance of this achievement. “This is a key development in Copper’s expansion in the Asia Pacific market. Combining trust and efficiency is fundamental to our institution-first approach,” Tokarev stated in the press release. He further noted, “This license approval in a key global hub only strengthens that unique offer, highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards.”
Copper’s innovative ClearLoop network plays a crucial role in its service offerings. The network allows clients to manage collateral and settle trades across various exchanges, significantly reducing counterparty risk and enhancing capital efficiency. This capability has positioned Copper as the largest global network for off-exchange settlement. In June alone, the network processed 13.1 million trades valued at $109.9 billion.
Recently, Copper welcomed Kraken MTF, the institution-only derivatives trading unit of the crypto exchange Kraken, to its ClearLoop network. This partnership exemplifies Copper’s commitment to expanding its institutional collaborations and enhancing its service offerings.
Copper’s new TCSP license not only solidifies its position in the Asia Pacific market but also underscores its dedication to adhering to international regulatory standards. As the company continues to grow, its focus remains on providing secure, efficient, and compliant crypto custody solutions to institutions worldwide.