Rakkar Digital obtains TSCP License in Hong Kong, launches custodian services

• Rakkar Digital is a Singapore-based company providing digital asset custodian services to institutional and enterprise clients across Southeast Asia and Hong Kong.
• Rakkar Digital has obtained TSCP License in Hong Kong.
• Rakkar Digital launched custodian services immediately after receiving the license.

Rakkar Digital has announced the launch of Rakkar Digital Asset Custodian, powered by Fireblocks’ MPC-CMP direct custody technology. Fireblocks, Collider and MarketAcross hosted a Web3 startups event at the beginning of the year.

The announcement comes right on the heels of Rakkar Digital obtaining a Trust or Company Service Provider (TCSP) Licence in Hong Kong. The company completed a $10 million seed funding investment in June 2022 by SCB 10X, the venture capital arm of Siam Commercial Bank.

Rakkar Digital Asset Custodian services

Rakkar Digital addresses the vulnerability to cyber threats within the digital asset industry as the industry grows by providing institutional-grade qualified custodian services to its clients.

As a TCSP licensee, Rakkar Digital must comply with Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). This ensures that due diligence requirements are met, and proper safeguards are in place to prevent money laundering or terrorist financing activities.

Commenting on the development, Arthit Sriumporn, founder and CEO of Rakkar Digital, said:

“From day one, we had a strong passion to build reliable infrastructure for the industry. We have come a long way with the launch of our institutional-grade qualified custodian services. We will continue to improve our products and services based on our core values: trust, security and authenticity. These milestones demonstrate our commitment to providing secure and reliable digital asset custodian services to institutional clients in the region.”

The Rakkar Digital Asset Custodian is built on cutting-edge technology and robust security measures with Fireblocks’ ultra-secure MPC-CMP technology, and hardware isolation enabling multi-layer security while maintaining flexibility.