Home Blockchain Singapore picks up speed in digital asset, blockchain race as firms look to expand

Singapore picks up speed in digital asset, blockchain race as firms look to expand

by Abigail Bautista

The American crypto bank, Anchorage Digital, is looking to build its Asia business from Singapore, citing the region’s high rates of digital asset adoption. Moses Lee, head of Asia for the Singapore arm, revealed that the bank has already partnered with some of the biggest institutional players in the crypto and global finance sectors and aims to expand these partnerships further.

This move comes as American regulators tighten their grip on the crypto sector, creating a challenging environment for crypto banks in the United States. By shifting its focus to Asia, Anchorage Digital hopes to benefit from the region’s growing interest in digital assets and its more favorable regulatory climate.

Anchorage Digital has made Singapore its regional headquarters and global hub, showing its commitment to establishing a strong presence in the country. The bank is also actively pursuing a license from Singapore authorities, further emphasizing its plan to operate and expand its business from Singapore.

While the exact number of staff employed by the bank has not been disclosed, Moses Lee shared that Anchorage Digital has a global team of 300 employees. This indicates the bank’s scale and the resources it has dedicated to its operations.

Anchorage Digital was founded in 2017 and has attracted significant support from notable investors. Singapore’s sovereign wealth fund, GIC, and investment bank Goldman Sachs have both backed the crypto bank, further validating its credibility and potential.

In addition to Anchorage Digital’s ambitions, AsiaNext, a digital asset exchange catering to institutional investors, plans to enter the crypto derivatives trading market in the coming months. This move doesn’t require a license under the existing regulatory regime, allowing AsiaNext to seize this opportunity to expand its services.

Furthermore, AsiaNext has applied for a license under the Payment Services Act to offer digital token payment services. This demonstrates the firm’s commitment to operating within the regulatory framework and working closely with authorities to ensure compliance.

Overall, Anchorage Digital’s decision to focus on building its Asia business from Singapore highlights the region’s attractiveness as a hub for digital asset adoption. With supportive regulations and a growing interest in crypto assets, Singapore is poised to play a significant role in the development of the crypto and blockchain industries. As Anchorage Digital and other players like AsiaNext continue to expand their presence and services in the region, it is clear that Asia is becoming a key player in the global crypto landscape.

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