- They called Hong Kong the “Great Gateway of China”
- And they hope to double trading volumes due to the license
The Australian crypto exchange plans to expand in the Asian region. Now they are licensed in Singapore. But in the coming months, the company will begin the registration process in Hong Kong. About it declared in an interview with Forkast CEO of the Singapore platform Independent Reserve Pradeepta Mukherjee.
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 limited the advertising opportunities for such platforms. As a result, this led to a drop in the number of retail customers by 90%.
After tightening laws in Singapore, Independent Reserve focused on working with institutional clients. They opened more family offices and attracted accredited investors. This allowed them to recoup losses from the reduction 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.
Regarding job prospects in the US, Pradeepte Mukherjee expressed skepticism:
“American companies and startups will be moving overseas. Ultimately, the US will lose jobs, innovation, and business opportunities, and US customers will lose access to reliable [крипто] platforms”
The other day, the CoinEx exchange and a number of other companies announced their withdrawal from the United States.