• Crypto lender Amber Group is considering selling its Japan unit in order to focus more on institutional than retail customers.
• Japan has recently shown signs of creating a more friendly regulatory environment for crypto firms, while the Hong Kong licensing regime has been “very bullish”.
• Singapore is also “not exactly closing the door”.
FinanceCrypto Lender Amber Group Considers Selling Japan Unit
Managing partner Annabelle Huang said that despite Japan being a “high-quality market … regulations are strict.” By Jamie Crawley Apr 17, 2023 at 8:23 a.m. UTC Updated Apr 17, 2023 at 2:56 p.m. UTC
Japan’s Regulatory Environment for Crypto Firms Becoming More Friendly
Japan has recently shown signs it’s planning on creating a more friendly regulatory environment for crypto firms, with the ruling Liberal Democratic Party publishing a white paper to boost the industry in the country particularly around changes to tax regulation and improvements to accounting standards.
Huang also said Amber Group is planning to apply for a virtual asset trading platform (VATP) license in Hong Kong following the introduction of a new licensing regime in the city, which Huang said “has been very bullish.” Singapore, where Amber is based, is also “not exactly closing the door as well.”
Major Cryptocurrency Exchanges Cease Operations In Japan
Amber Group bought Japanese crypto exchange DeCurret last year. In recent months, major cryptocurrency exchanges Coinbase and Kraken both ceased operations in the country, citing “market conditions”.
Amber Group Did Not Immediately Respond To CoinDesk’s Request For Further Comment
Amber Group did not immediately respond to CoinDesk’s request for further comment regarding their plan to sell their Japanese unit and whether or not they will be applying for licensing in other countries such as Hong Kong or Singapore.
Conclusion
Crypto lender Amber Group is considering selling its Japan unit as part of a plan to focus more on institutional than retail customers while taking advantage of changes made within Japan’s regulatory environment as well as those made in other countries such as Hong Kong and Singapore. Major cryptocurrency exchanges have already ceased operations in Japan due to unfavorable market conditions but this may change soon depending upon what actions are taken by both parties involved going forward.
