Gate.io expands crypto custody services to Hong Kong with key license

Gate.io Group, the company behind global cryptocurrency exchange Gate.io, has hit a “strategic milestone” as it expands its virtual asset custody services to Asia’s financial hub of Hong Kong.

On Tuesday, the pioneering crypto company announced that it had secured the Trust or Company Service Provider (TCSP) license from Hong Kong regulators, a key step in the company’s quest to offer its products and services to global users.

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Gate.io eyes global expansion

As stated in a press release, Gate.io Group secured the TCSP approval via local subsidiary Hippo Financial Services Limited (Hippo FS). The license allows the platform to extend its trust or company service business (crypto asset custodial services) in Hong Kong – notably these are services a company can only provide if they have the TCSP permit.

Hippo FS will initially target offering customers access to digital asset custody services. However, the company’s growth plans also include hiring more talent for local operations, with Gate.io Group founder and CEO Dr. Han Lin noting that the TCSP license is a “strategic) score for the company.

Tom Yang, Executive Vice President of Gate.io Group commented:

Obtaining the TCSP License 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.”

Gate.io Group, founded in 2013, has grown to an ecosystem comprising not just the Gate.io crypto exchange. Currently, it offers a public blockchain, wallet service, decentralized finance (DeFi) platform, venture capital investing and startup incubator labs among other services and products.

Gate.io is among the top 10 crypto exchange platforms, accessible to more than 10 million users worldwide.