CoinW Receives a Trust or Company Service Provider (TCSP) License in Hong Kong
CoinW, the world’s pioneering cryptocurrency trading platform has announced that it has recently obtained the Trust or Company Service Provider (TCSP) License in Hong Kong. This milestone allows CoinW to provide licensed custodial services in Hong Kong, particularly for virtual assets like Bitcoin and Ethereum.
Since March 1, 2018, Hong Kong has implemented a licensing regime for trust and company service providers (TCSPs), establishing a new regulatory framework for the custody of crypto assets. This regime underscores Hong Kong’s ambition to become Asia’s Web3 financial hub. The TCSP framework imposes stringent requirements on applicants and operators, drawing from numerous regulatory principles of traditional finance, including compliance, Know Your Customer (KYC), and anti-money laundering measures.
CoinW leverages the CipherBC wallet to effectively segregate users’ assets. CipherBC enhances wallet security with multi-party computation (MPC) technology, distributing key shards across trusted execution environments (TEEs) in multiple cloud services. All transactions require multi-round verification from MPC nodes, significantly preventing single-point failures. Additionally, CoinW integrates Know Your Address (KYA) into its existing Know Your Transaction (KYT) system, elevating security standards to industry-leading levels. Following the successful licensing, CoinW will adhere to the Anti-Money Laundering and Counter Financing of Terrorism, which includes formulating and maintaining effective anti-money laundering policies, conducting customer due diligence, and retaining records for daily operations and ongoing responsibilities.
This achievement marks a significant milestone in CoinW’s compliance journey in Asia, following its exclusive partnership with BitShine Technology in Taiwan, where it has completed the Anti-Money Laundering Compliance Statement with the Financial Supervisory Commission of Taiwan. Globally, CoinW holds relevant licenses and approvals in multiple jurisdictions, including Poland, Saint Vincent and the Grenadines, the United States, Taiwan, and Australia. CoinW is dedicated to delivering a secure and compliant trading experience to users worldwide and is currently applying for additional licenses in Spain, and the Middle East.
