Crypto trading exchange Gate.io Group’s Hippo Financial Services Limited (Hippo FS) has been granted a TCSP License in Hong Kong to provide virtual asset custodial services to global users.
Gate.io is one of the oldest Chinese cryptocurrency exchanges (since 2013). However, after China changed its stance on crypto assets, Gate.io relocated its headquarters to the Cayman Islands.
Hippo FS has obtained the Trust or Company Service Provider (TCSP) License, which is required for any entity that conducts trust or company service business in Hong Kong.
The Gate.io ecosystem comprises the GateChain blockchain, HipoDeFi, NFT Magic Box, Wallet.io, and Gate Ventures.
According to CEO Han Lin, running a custody business in Hong Kong is a significant milestone for the company.
With this license, Hippo FS will now dedicate resources to establishing teams to manage local operations, including the security of its services infrastructure and client assets.
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“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.
