“exploring Altcoins In Hong Kong: Beyond Bitcoin And Ethereum”

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Independence plans Hong Kong office, explores further expansion in Southeast Asia A new Hong Kong office could open “next month,” the head of the Singapore-based Australian crypto exchange said in a exclusive interview. The exchange hopes to expand its reach by doubling the number of transactions this year, targeting specific institutions.

“exploring Altcoins In Hong Kong: Beyond Bitcoin And Ethereum”

The Independent Reserve Bank of Australia is one of the eleven major payment institutions in Singapore and is a licensed currency exchange company in the Lion City. The company plans to open an office in Hong Kong and is exploring “a few more” jurisdictions in Southeast Asia.

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Lasanka Perera Pradipta Mukherjee, Singapore’s deputy chief executive, said the state’s ban on social media through crypto-trading has resulted in a 90% monthly drop in consumer purchases. The business focuses on specific customers, such as family offices and investors, and aims to introduce more products and services to them. Independent Reserve plans to double Singapore’s daily trading volume to 50 percent by the end of this year.

Lasanka Perera: Singapore is our first out-of-home market in Australia. We spent time exploring Hong Kong and several other jurisdictions in Southeast Asia.

A new independent resource office may open in Hong Kong in the next few months. When we were located in Hong Kong, we sought to become a regulated business [by applying for a license to operate in Hong Kong].

Mukherjee: The Monetary Authority of Singapore (MAS) has said that cryptocurrencies are worthless and hinder commercial transactions. How easy or difficult is it for Independent Reserve to operate as a crypto exchange in Singapore under these circumstances?

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Perera: We are banned from social media and it affects our customer acquisition. Otherwise, MAS established a strict regulatory system. And [Independent Resources] has been in business for 10 years, and we pay a lot of attention to consumer protection, corporate governance, and risk management. But the ad ban (in Singapore) is one thing, and if it is lifted, it will definitely help in getting customers.

Mukherjee: What makes Hong Kong better than Singapore and how would you compare it to Dubai and the rest of the world?

Perera: Hong Kong is a strong financial center and has a deep market base. This is the gateway to great China. This is a very interesting business opportunity.

Singapore has a huge technology market. But where investors are more focused on asset and asset protection is not energy, stocks, or risk. The market is completely different.

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Dubai market law is unique in the world. The editors are working on it. Dubai’s opportunity is, of course, access to European markets and European capitals. Many of Europe’s major markets and most of its traffic pass through Dubai. Many crypto traders looking at Dubai as a market will seek to capture some of these flows by positioning Dubai to ensure clear and strong regulations. important. for fiat in crypto trading like us.

Perera: Yes, we are hiring some people now. We are currently recruiting for corporate clients and Mandarin speakers for our businesses in Singapore and Australia. We currently have about 70 employees, and in the next few months we will hire another five or 10 people in compliance, sales, and development.

Perera: There is a time when we can advertise. From then until the advent of advertising restrictions, there was a significant decline in business. Since then, we have focused on working with professional investors, family offices, high-end clients, wealth management companies, Web3 service companies and high-paying industries.

Before the ban [on mass advertising], sales were down 90% or more every month. But we have expanded our business into home office, Web3 payments and wealth management. Since then, our growth has been phenomenal. Although the number of clients in our organization is small, the number of each user is high. So you get 10% of the customers and give 90% of the traffic.

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Perera: Today less than 20 percent sell to organizations, and about 80 percent sell by user number. But in terms of volume, that is. Therefore, 20% of the organization’s customers account for 90% of all transactions with independent resources.

Perera: Daily transactions in Singapore are about $20-30 million, most of which come from institutional investors such as Web3 companies, payment companies and wealth management groups. It is expected to double by the end of the year. We also plan to increase the number of users by 50% by the end of this year.

Mukherjee: Although the US is facing a crisis in the regulation of digital assets, it continues to attack crypto exchanges such as Coinbase and Binance. How do you see this affecting the development of global digital assets?