- They called Hong Kong the “big gateway to China.”
- Australian cryptoexchange hopes to double trading volumes with the license
Australian crypto exchange plans to expand in the Asian region. They are now licensed in Singapore. But in the coming months, the company will begin the registration process in Hong Kong. The CEO of Singapore’s Independent Reserve platform, Pradipte Mukherjee, said this in an interview with Forkast.
The businessman also added that the business climate in Singapore is not favorable for crypto exchanges.. This is due to last year’s law, which restricted the ability of such platforms to advertise. This resulted in a 90 percent drop in retail customers.
After tighter laws in Singapore, Independent Reserve focused on working with institutional customers. They opened more family offices and attracted accredited investors. This allowed them to recoup losses from the decline in retail traders.
The exchange hopes that the launch of the crypto industry in Hong Kong will help them double their user base and trading volumes.
As for the prospects of operating in the US, Pradipte Mukerji expressed skepticism:
“American companies and startups will move overseas. In the end, the U.S. will lose jobs, innovation, and business opportunities, and U.S. customers will lose access to reliable [crypto] platforms.”
The other day CoinEx and a number of other companies announced their departure from the United States.