Deepcoin's affiliated company Deep Custodian has been granted a Hong Kong TCSP license, allowing it to legally and compliantly provide cryptocurrency custody services

ChainCatcher news, Deep Custodian Limited has been granted the Hong Kong "Trust or Company Service Provider License (License No. TC009487)", allowing it to legally and compliantly provide clients with custody services for crypto assets including Bitcoin and Ethereum.

Deep Custodian Limited stated that it will provide secure and compliant asset custody services for individual and institutional clients through state-of-the-art security technology, ensuring that every transaction can be conducted in a safe and reliable environment.

In September last year, Deepcoin Labs was granted the Dubai DMCC license and established a $100 million fund to inject strong momentum and financial support for innovation in the Web3 industry. In January this year, Deepcoin became the seventh global exchange to obtain CODE compliance access to adhere to South Korea's cryptocurrency Travel Rule regulations.

It is reported that since March 1, 2018, Hong Kong has officially implemented a licensing system for trust or company service providers, providing a legal and compliant regulatory framework for the independent custody of crypto assets, which is an important foundational system for Hong Kong as a Web3 financial center. TCSP has strict requirements for the IT infrastructure of applicants and operating entities, while inheriting many regulatory concepts from traditional finance, including compliance guarantees, KYC and anti-money laundering measures, as well as the establishment of cold and hot wallet security mechanisms, and the development of blockchain technology, among other stringent requirements.