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Crypto Lender Amber Group Weighs Selling Japan Unit: Bloomberg
Managing partner Annabelle Huang said that despite Japan being a "high-quality market ... regulations are strict."
Updated May 9, 2023, 4:12 a.m. Published Apr 17, 2023, 8:23 a.m.
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Crypto lender Amber Group is considering selling its Japan unit as part of a plan to focus more on institutional than retail customers, managing partner Annabelle Huang said in a Bloomberg Television interview Friday.
Although Japan is a "high-quality market ... regulations are strict," Huang said.
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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."
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."
Amber Group did not immediately respond to CoinDesk's request for further comment.
Read More: Japan Embraces Web3 As Global Regulators Grow Wary of Crypto
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