CoinW wins Hong Kong Trust or Company Service Provider (TCSP) license

CoinW, a leading global cryptocurrency exchange platform, announced that it has recently obtained the Trust or Company Service Provider (TCSP) license in Hong Kong. This also means that CoinW will be licensed to provide fund custody services for users in Hong Kong, especially for virtual assets such as Bitcoin and Ethereum.

Since March 1, 2018, Hong Kong has implemented a licensing system for Trust or Company Service Providers (TCSP), establishing a new regulatory framework for the custody of crypto assets. This system also demonstrates Hong Kong's determination to become the Web3 financial center in Asia. The TCSP framework not only imposes strict requirements on the infrastructure of applicants and operators, but also incorporates many regulatory principles from traditional finance, including compliance, KYC (Know Your Customer), and anti-money laundering measures.

It is understood that CoinW relies on the CipherBC wallet to effectively isolate user assets. CipherBC uses Multi-Party Computation (MPC) technology to enhance wallet security by distributing key fragments in a Trusted Execution Environment (TEE) across multiple cloud services. Any transaction requires multi-round verification by MPC nodes, further reducing single-point risks. In addition, KYA (Know Your Address) has been integrated into the existing KYT (Know Your Transaction) system, raising security standards to a leading position in the industry. After successfully obtaining the license, CoinW will comply with the provisions of the Anti-Money Laundering Ordinance and the guidelines issued by the Hong Kong Companies Registry, including the establishment and maintenance of effective anti-money laundering policies, customer due diligence, and record retention regulations for daily operations and ongoing responsibilities.

This is also an important step for CoinW in its compliance journey in Asia, following the CoinW Taiwan team becoming the exclusive partner of Binance in compliance with the Anti-Money Laundering Act of the Taiwan Financial Supervisory Commission. In addition, in terms of global compliance layout, CoinW currently holds relevant licenses and approvals in multiple jurisdictions, including Poland, Saint Vincent and the Grenadines, the United States, Taiwan, and Australia. CoinW is committed to bringing a secure and compliant trading experience to global users and is currently applying for relevant compliance licenses in Hong Kong, Spain, and the Middle East.

Although compliance currently follows different regulatory frameworks in various regions around the world, CoinW believes that core principles are universally applicable, such as reserve funds. According to data published by Coinmarketcap, stablecoins and mainstream currencies including Bitcoin and Ethereum account for over 90% of CoinW's reserve funds. In addition, the reserve funds also include a small proportion of token assets, which aligns with CoinW's commitment to enriching user asset allocation with more high-quality assets. Therefore, CoinW's reserve fund allocation has always been in a state of dynamic adjustment.

The relentless pursuit of compliance and security has also earned CoinW recognition on a global scale. In March of this year, at the 7th "Hit AI & Blockchain" Summit held in Taipei, CoinW was awarded the title of "Asia's Most Trusted Cryptocurrency Exchange."

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