Fusang Vault: Fusang Investment Office’s to Open Crypto Custodian Service
Fusang Investment Office Focuses On Family Assets To Establish Crypto-Custody Solution
An Asian fund management called the Fusang Investment Office has laid emphasis on household offices and is making arrangements to unveil a crypto-custody service in Hong Kong. The custody service, the Fusang Vault, will hold virtual assets for customers in addition to offering intermittent audits. According to the CEO of the company, Henry Chong, the company plans to launch the service during the fourth quarter of 2018.
Holding Customer’s Crypto Assets
In comparison of virtual assets to fiscal bonds, Chong asserts that the increase in the need to offer an autonomous third party that would hold customer’s crypto assets. This is also the case with the demand for custodian fiscal services in conservative finance.
Chong also stresses that since holding virtual assets does not have the registration of possession of data, crypto-custodial service is of great significance. In his own views, Chong believes that virtual assets are just like bearer bonds, whereby anyone who has the security is assumed to be the proprietor since there is no registration of proprietorship data of the security. Therefore, the method of keeping virtual asset in a secure way in very important.
According to the CEO, the company is presently working with insurance firms to protect the virtual assets of their customers. He however has not specified on the features of the impending Fusang Vault service.
The company’s website indicates that the firm is regulated Singapore’s Monetary Authority. It is also licensed by the Securities and Futures Commission of Hong Kong. Earlier this month, Coinbase, a cryptocurrency exchange which is among the world’s largest, also launched a crypto-custodian solution, which is aiming at serving established clients.
The custody is run via an autonomous member of the United States Financial Industry Regulatory Authority (FINRA) in compliance with the US Security and Exchange Commission.