Independent Reserve, an Australian cryptocurrency exchange, is considering expanding its business in Hong Kong
Independent Reserve, an Australian cryptocurrency exchange, is considering expanding its business in Hong Kong.
Independent Reserve operates as a licensed virtual-asset service provider in Singapore.
COO, Lasanka Perera, recently disclosed the plan to hire new hands to fill institutional sales in Australian offices
Independent Reserve, one of Australia’s largest and most established cryptocurrency exchanges, has set its sights on expanding in Southeast Asia and exploring the Hong Kong market. The exchange aims to bolster its presence in Asia by opening new offices in more welcoming jurisdictions.
In October 2021, the Monetary Authority of Singapore (MAS) granted Independent Reserve a Major Payment Institution Licence to operate as a regulated digital payment token service provider. However, the exchange’s Singapore CEO, Lasanka Perera, revealed in an interview that the ban on public crypto advertising resulted in a staggering 90% decline in customer acquisition for the exchange.
Despite this setback, Independent Reserve remains determined to grow and thrive in the Asian crypto market. With its expansion plans underway, the exchange aims to make a lasting impact in the region and capitalize on emerging opportunities.
JUST IN: Independent Reserve, an 🇦🇺 Australian crypto exchange, set to establish presence in 🇭🇰 Hong Kong and eyes expansion in Southeast Asia.
— Coingraph | News (@CoingraphNews) June 19, 2023
Reason Behind Targeting Southeast Asia
Hong Kong has been described by Perera as a lively and bustling financial center with extensive capital markets, creating more opportunities for exploring China. The CEO revealed that Independent Reserve may be opening a new office in Hong Kong in the coming months. As part of this, the company intends to apply for a license to cover its operations in the region.
During the interview, Perera noted that while Singapore boasts an active capital market, investors there tend to focus on capital preservation and asset protection, rather than allocations and risk-taking. Additionally, Perera mentioned Dubai, highlighting that regulators there are working to provide the necessary framework for market regulations.
Perera went on to suggest that Dubai could offer the crypto exchange access to European capital markets, as many of the flows pass through Dubai. He further explained that most crypto participants are looking to take advantage of the market flow from Dubai to Europe and stable regulations, making Dubai an attractive base for establishing operations.
As the Independent Reserve’s expansion appetite grows, so does its workforce. The CEO, Perera, recently disclosed the plan to hire new hands to fill institutional sales and Mandarin-speaking roles in their Singapore and Australian offices. With around 70 current employees, the crypto exchange aims to expand its team by at least five to ten individuals in sales, development, and compliance within the next few months. The company’s vision for growth is clear, and its efforts to achieve it demonstrate a commitment to its mission.
The Stance of the Founder
In the early days of March 2023, Adrian Przelozny, the CEO and founder of Independent Reserve, shared his thoughts on Hong Kong’s recent move towards embracing cryptocurrency. The city’s evolving stance on cryptocurrencies has piqued the interest of many businesses, making it an attractive destination for those in the industry.
Furthermore, Przelozny expressed in an interview:
“Right now, it is looking very interesting. The recent announcement by the regulators in HongKong does make Hong Kong look like a friendly jurisdiction”
The CEO speculates that China might be using the current crypto regulations in Hong Kong to test the waters for a more relaxed approach. This move is most likely driven by the complex political relationship between the two regions. Despite China’s strict stance on cryptocurrency, Hong Kong’s government remains steadfast in its commitment to establish the city as a hub for digital assets.
Independent Reserve’s expansion into Hong Kong is a significant milestone for the crypto exchange, and it underscores the rapid development of the crypto industry in the city. As Hong Kong continues to push for digital transformation, this move is sure to attract more attention from investors and industry players alike.
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