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Hong Kong Issues Guidelines for Crypto Custody Firms

The Hong Kong Monetary Authority (HKMA) released guidelines for firms that seek to provide crypto custody services to their customers in the region and asked them to adhere to its standards for tokenization and digital asset custody for locally authorized institutions. As reported earlier by TheCoinRise, Hong Kong is the top destination for digital asset firms that aim to establish operations in Asia because it has proactively adapted to the evolving crypto landscape. Notably, the HKMA also calls upon these entities to formulate internal policies that effectively navigate potential or existing conflicts of interest. The Hong Kong regulator asked crypto custody firms to separate the clients’ assets from the company’s assets.

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