A fund management company based in Hong Kong called Fusang Investment Office, is planning to launch a crypto-custody service in their home town.
Their solution called Fusang Vault would store their client’s digital assets but also provide periodical audits. The launching date is planned for the last quarter of 2018.
When it comes to comparing digital assets and the financial bonds the CEO of Fusang Investment Office, Henry Chong is saying that there is a growing demand for an independent third party that would keep the clients crypto assets the same way there is a demand for custodian services for banks and the traditional financial industry.
Since there is no regulation for the registration of ownership when it comes to holding digital assets a custodian service like this would have a tremendous value.
“Digital assets are akin to bearer bonds, whereby whoever that is holding the security is presumed to be the owner and there is no registration of ownership information of the security. Hence, the way we keep digital asset secured is of paramount importance.”
The CEO has also stated that its company had already started working with insurance companies to keep clients digital assets securely without giving out any specific details about the features of their Fusang Vault service.
The Monetary Authority of Singapore has been a regulatory body for the Fusang Investment Office and the licensed by the Securities and Future Commission of Hong Kong.
Coinbase earlier this month had also launched their custodian services targeting institutional clients and being in full compliance with U.S. Security and Exchange Commission.