Gate.io Group’s Hong Kong-based company, Hippo Financial Services Limited (Hippo FS), has obtained the Trust or Company Service Provider (TCSP) Licence. As a result, Hippo FS is now permitted to provide virtual asset custodial services in Hong Kong.
The TCSP Licence is required for any entity that carries on or wishes to carry on a trust or company service business in Hong Kong.
“Obtaining the TCSP Licence in Hong Kong enables us to deepen our relationship with global crypto investors as an industry leader. Next, we will be building localized operations to bring our products and services to users in Hong Kong,” said Tom Yang, EVP of Gate.io Group.
With an initial focus on virtual asset custody services, Hippo FS is dedicating resources towards establishing teams to manage local operations, including the security of its services infrastructure and client’s assets.
Dr. Han Lin, Founder and CEO of Gate.io Group, said, “Establishing a custody business in Hong Kong is a global strategic milestone of Gate.io Group, not only because Hong Kong is the hub for many financial institutions and investors, but more importantly, the industry-leading regulatory regime of Hong Kong provides additional confidence for investors that place assets in Hippo FS’s custody.”
Obtaining the TCSP licence is a crucial part of the global expansion strategy of Gate.io Group, as this affirms the Group’s position as a global virtual asset service leader in the industry. A vital component of the strategy is establishing regulatory-compliant operations in newly entered regions and forming teams dedicated to tailoring services that meet the needs of investors and regulators’ expectations.