By Mark Ackman
Independent Reserve, a cryptocurrency exchange based in Australia has made an announcement pertaining to its interest in expanding its services.
The officials have hinted that they are interested to understand the cryptocurrency market in Hong Kong. They are interested to explore the particular market and may soon attempt to enter the country.
A Shop in Hong Kong
The teams at the exchange have recently shared an update pertaining to setting up a shop. The shop is to be based in Hong Kong to gather data and information about the interests of the locals in cryptocurrencies.
Hong Kong has made it quite obvious in the past months that it wants to achieve the goal it has longed to achieve. The city is ambitious in growing itself into a hub for cryptocurrencies.
From late 2021 till the end of 2022, Hong Kong changed its stance toward cryptocurrencies. Prior to the end of 2021, Hong Kong was on the right track to becoming the crypto hub.
Later, it changed its stance and started to introduce stricter regulations against the crypto firms operating in the city. As a result, most of the crypto firms based in Hong Kong had to move out.
This completely changed the situation around the crypto industry in Hong Kong. However, with the year 2022 coming to an end, Hong Kong seems to have reinstated its old policy.
The city now wants to become the crypto hub and is determined to do it no matter the amount of time it takes for the city to do it.
This is turning out to be a great opportunity not only for the Independent Reserve but for other entities based outside of Hong Kong to try their luck in the city.
New Licensing Regime
It was back on February 20 when the Securities and Futures Commission (SFC) of Hong Kong proposed a licensing regime. It had been readied and proposed specifically for the cryptocurrency exchanges wanting to offer services in the city.
It was clearly explained in the licensing that the city wants to become a hub for cryptocurrencies. Its aim is not to become a hub for the surrounding areas but for the entire Asian region.
After a long time, the city has introduced a licensing regime for cryptocurrencies that are very friendly. Thus, it is considered promising for the entire cryptocurrency industry that is and may operate in the city in the future.
Adrian Przelozny’s Remarks
The chief executive and the co-founder of the Independent Reserve praised the situation that is currently brewing in Hong Kong.
Przelozny stated that they are glad that the situation is becoming favorable for the international crypto platforms to set up bases in Hong Kong.
The city is very promising for the expansion of the crypto industry and they are hopeful that they will be able to increase their user base tremendously.
They will be able to target more users from all over the world, especially in the Asian region, which is going to help expand their business to the next level.
The exchange considers Hong Kong to be a great opportunity that it does not want to miss under any circumstances. Their aim is to continue expanding their business and Hong Kong will be one of the perfect bases.
If things work out well, their plan is to expand more inside the Asian region. They will target more countries if everything goes as planned and they expect them to.
Independent Reserve is Following Major Exchanges
As mentioned earlier, Independent Reserve isn’t the only exchange ambitious to expand its business in Hong Kong. Other major exchanges have also seen this as a major opportunity, which is why they have expanded their business.
Some of the big names including OKX and Huobi that have also recently opened up their offices in Hong Kong.