Fusang Investment Office, the Asian company that manages funds specialized in family matters, is planning to open a custodian of the cryptocurrency service in Hong Kong. This became known on Sunday, July 22.
As told the head of the company Henry Chong (Henry Chong), a service called Fusang Vault will store the digital assets of the customers as well as regularly checking statements. The launch of the service expected in the fourth quarter of this year.
Comparing digital assets from ordinary financial bonds, Cheong noted the need for the presence of an independent third party that could store the bitcoin clients on the same principle as Depository banks hold securities. Also, in his view, custodial services are particularly important in the cryptocurrency sphere because digital assets are not mean that the data confirming the right of ownership. This can be compared to bearer bonds that are not registered to any specific person and therefore the owner is automatically considered to be the one who kept them.
Chong also said that Fusang is already negotiating with insurance companies to ensure protection of digital assets of clients on the future platform. Other details of the new service were not disclosed.
It should be noted that Fusang Investment Office is regulated by the Monetary authority of Singapore and is licensed by the Commission on securities and futures of Hong Kong.
Recall that in early July, the first funds received custodial service American stock exchange Coinbase. It is designed to store digital assets of large legal persons and is intended to help institutional investors to safely enter the cryptocurrency market. At the time of the launch, Coinbase Custody was available to all customers in the U.S. and Europe.
A week later custody decisions for cryptocurrency appeared at startup BitGo, specializing in cyber security. The service works with 57 tokens on the basis of Ethereum.
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