Singapore-based crypto lender Amber Group plans to sell its Japan unit as part of its strategic decision to focus more on institutional services rather than a retail business.
The plans were recently disclosed by the firm's managing partner, Annabelle Huang.
- Huang said the regulations are strict in Japan, though the country is a very high-quality market.
- According to the statements by Huang, the firm also plans to apply for a virtual asset trading platform license in Hong Kong.
- The company's managing partner stated that the regulatory environment in Hong Kong is quite attractive for Amber now.
- Last year, the firm raised $300M in a Series C funding round led by the venture capital (VC) firm Fenbushi Capital US.
- However, the prolonged crypto winter triggered by the crypto exchange FTX's bankruptcy and the multi-billion dollar Terra ecosystem's collapse forced Amber to cut costs, make mass layoffs, and shut down its retail customer operations.
- Hong Kong has become bullish for crypto service providers in recent months due to its crypto-friendly approach arising from its plans to turn the region into a crypto hub.
- In March, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, said more than 80 crypto-related firms sought a presence in the region as of the end of February, and 23 crypto companies already revealed their plans to establish their presence.
