Crypto custody trailblazer Copper has attained a pivotal Trust or Company Service Provider (TCSP) license in Hong Kong, the enterprise announced in a press release on Wednesday.

The TCSP license, conferred by Hong Kong’s Companies Registry, authorizes the bearer to extend trust and corporate services to institutional clients within the region.

This milestone signifies a vital phase in Copper’s international expansion and adherence to global regulatory standards, as emphasized by the company.

“This development marks a significant stride in Copper’s growth within the Asia Pacific sector. Merging trust and efficiency is central to our institution-first strategy,” Dmitry Tokarev, founder and CEO of Copper, articulated in the release.

“The approval of this license in a major global nexus not only fortifies our unique offering but also underscores Copper’s compliance with Hong Kong’s stringent regulatory frameworks,” Tokarev added.

Copper’s ClearLoop network empowers clients to manage collateral and finalize trades across a multitude of exchanges, simultaneously minimizing counterparty risk and enhancing capital efficiency.

Per Copper, it has emerged as the preeminent global network for off-exchange settlement, processing an impressive 13.1 million trades valued at $109.9 billion in June alone.

Additionally, Kraken MTF, the institutional-only derivatives trading arm of the crypto exchange, integrated with Copper’s ClearLoop network last month.