Australian Exchange Independent Reserve Expands In Asia

Australian cryptocurrency exchange Independent Reserve, one of Singapore’s licensed Major Payment Institutions, is planning to open an office in Hong Kong and explore opportunities in other Southeast Asian jurisdictions. The move comes as the exchange looks to expand its user base and daily trade volumes in Singapore.

Australian cryptocurrency exchange Independent Reserve plans to open an office in Hong Kong and is looking at a “few other” jurisdictions in Southeast Asia. It is also one of Singapore’s eleven Major Payment Institutions. Forkast reported. https://t.co/V5XbcANk8T

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Advertising Restrictions in Singapore

In an interview with Forkast, Lasanka Perera, CEO of Independent Reserve Singapore, highlighted the challenges faced by crypto exchanges due to Singapore’s restrictions on public advertising. The advertising limitations resulted in a significant 90% drop in monthly retail customer acquisition for the exchange. However, Independent Reserve has shifted its focus to institutional clients, including family offices and accredited investors, and plans to introduce new products and services for them.

Perera expressed optimism about doubling the daily trade volumes in Singapore and achieving a 50% increase in the user base by the end of the year. To further expand its operations, the exchange is considering establishing a regulated presence in Hong Kong, capitalizing on its position as a financial hub with deep capital markets and gateway to greater China.

Discussing the regulatory landscape, Perera acknowledged Singapore’s robust framework established by the Monetary Authority of Singapore (MAS). However, he emphasized the impact of advertising restrictions on customer acquisition, suggesting that removing this limitation would be beneficial.

Perera also discussed the opportunities in Dubai, highlighting its access to European markets and capital flows. He mentioned the importance of sensible and stable regulations and stable banking for fiat-to-crypto exchanges.

In terms of expansion plans, Independent Reserve is actively hiring institutional sales personnel and Mandarin speakers for its Singapore and Australian offices. The exchange, which currently has around 70 employees, aims to bring on board five to ten additional employees in compliance, sales, and development.

Regarding the global digital asset industry, Perera commented on the regulatory challenges faced by crypto exchanges in the United States. He predicted that U.S. businesses and innovators would seek opportunities offshore, resulting in job losses and reduced access for U.S. customers to reliable crypto platforms.