Fusang to Launch Custody Service for Cryptocurrency

Fusang Investment Office specializes in capital management
23 July 2018   1228

The Fusang Investment Office, based in Asia, will launch a custody platform for cryptocurrency. It is reported by South China Morning Post.

In addition to asset storage services, a service called Fusang Vault will also conduct an audit of the digital capital of customers.

CEO Henry Chong compared Fusang Vault with custody services of banks in traditional markets. According to him, the company already cooperates with insurance companies to ensure the security of digital assets.

The launch of the new service is scheduled for October-December 2018.

Fusang Investment Office specializes in capital management, as well as has a license from the Securities and Exchange Commission of Hong Kong and is registered with the Monetary Authority of Singapore.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   231

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.