Orchid Securities Considers Developing Virtual Currency Trading Services: Waiting for Official Authorities to Clarify Custody Rules
Publication Time:2024-08-12 11:16:06
Orchid Securities' executive director and CEO, Charles Soong, stated in an interview that given the uncertainty in the US virtual asset custody sector, particularly due to the lack of a unified regulatory framework by a primary government authority, the company must exercise caution when dealing with virtual asset custody issues. He emphasized that Orchid Securities always prioritizes client asset security. With two virtual currency exchanges already receiving approval from the Securities and Futures Commission in Hong Kong, there are clear requirements for asset custody, even though their trading activities may not be as vibrant as those on major overseas platforms. Their existence contributes to market regulation and assurance to some extent. Soong noted that once relevant custody rules are clarified by authorities such as exchanges, Orchid Securities will consider gradually launching virtual currency trading services to meet market demand and enhance the diversification of its business.
Orchid Securities
Virtual Currency Trading Services
Official Authorities
Custody Rules
Client Asset Security