{"id":47029,"date":"2023-03-23T07:01:48","date_gmt":"2023-03-23T11:01:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47029"},"modified":"2024-04-05T08:49:25","modified_gmt":"2024-04-05T12:49:25","slug":"australian-crypto-exchange-considers-hong-kong-setup","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/australian-crypto-exchange-considers-hong-kong-setup\/","title":{"rendered":"Australian crypto exchange considers Hong Kong setup"},"content":{"rendered":"\n

Independent Reserve, an Australian cryptocurrency exchange<\/a>, is exploring the possibility of establishing a presence in Hong Kong as the city shows a \u201cfriendly\u201d licensing regime towards crypto and cryptocurrency businesses.<\/p>\n\n\n\n

\"Australian
Australian crypto exchange considers Hong Kong setup<\/figcaption><\/figure>\n\n\n\n

In an effort to become Asia's next crypto hotspot, the Hong Kong Securities and Futures Commission (SFC) on February 20 suggested a licensing scheme for cryptocurrency exchanges that will go into effect in June.<\/p>\n\n\n\n

Adrian Przelozny, co-founder and chief executive officer of Independent Reserve, told Cointelegraph that Hong Kong's “friendly” licensing framework makes it an attractive location for establishing a new headquarters, something his company is definitely exploring.<\/p>\n\n\n\n

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\u201cRight now, it is looking very interesting […] The recent announcement by the regulators in Hong Kong does make Hong Kong look like a friendly jurisdiction.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

He continued, “We view Hong Kong as a good potential for Independent Reserve, and we are constantly exploring new regions in Asia where we can expand our business.”<\/p>\n\n\n\n

The possible move would be comparable to those of its competitors Huobi <\/a>and OKX.<\/p>\n\n\n\n

\"\"
CEO Adrian Przelozny is pictured in the center with chief operating officer Lasanka Perera (left) and chief technology officer Roman Stefanidi (right). Source:\u00a0Independent Reserve<\/figcaption><\/figure>\n\n\n\n

Under the new licensing framework, Hong Kong-based crypto firms must comply with numerous procedures connected to the safe custody of assets, such as Anti-Money Laundering<\/a>, Know Your Customer, countermeasures against the funding of terrorism, and conflict of interest declarations and audits.<\/p>\n\n\n\n

Przelozny stated that his team will visit Hong Kong the next week to meet with banks, regulators, attorneys, and compliance specialists to see if the location is suitable for the business.<\/p>\n\n\n\n

Przelozny, commenting on the region's political connection with China, believes that China is observing the effects of a more permissive cryptocurrency policy in Hong Kong.<\/p>\n\n\n\n

In the event of success, he believes China might follow suit:<\/p>\n\n\n\n

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\u201cThe Chinese government is using Hong Kong as a testnet to experiment with a looser cryptocurrency regime to see what impact that has on the business landscape there. If they see it as a positive thing, then I think there\u2019s a chance they'll roll it out through China and loosen their existing restrictions.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

In a December 2022 interview with Bloomberg, the CEO of Tron, Justin Sun, made similar sentiments.<\/p>\n\n\n\n

He believes that China is using Hong Kong as a “testing ground” to determine its final policy stance. Przelozny cautions, though, that it may be a “temporary experiment” that could be reversed in the future.<\/p>\n\n\n\n

If Independent Reserve is pleased with the regulatory environment, Przelozny said the final considerations would be the cost of opening a business there and the anticipated return on investment.<\/p>\n\n\n\n

Independent Reserve operates in Singapore as a licensed virtual asset service provider<\/a>. It also recently created Bitcoin.com.au after paying $2 million for the domain name (3 million Australian dollars).<\/p>\n\n\n\n

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Longstanding Australian crypto exchange Independent Reserve has bought https:\/\/t.co\/caP4K5Kwnn\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.https:\/\/t.co\/ococz49Hwe<\/use><\/svg><\/span><\/a> pic.twitter.com\/lRHaPi5vhe<\/use><\/svg><\/span><\/a><\/p>— Independent Reserve (@indepreserve) March 23, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

According to a March 20 statement by Christian Hui, the Secretary of Financial Services and the Treasury, over eighty cryptocurrency enterprises<\/use><\/svg><\/span><\/a> from mainland China and overseas have recently expressed interest in establishing a presence in Hong Kong.<\/p>\n","protected":false},"excerpt":{"rendered":"

Independent Reserve, an Australian cryptocurrency exchange, is exploring the possibility of establishing a presence in Hong Kong as the city shows a \u201cfriendly\u201d licensing regime towards crypto and cryptocurrency businesses. In an effort to become Asia’s next crypto hotspot, the Hong Kong Securities and Futures Commission (SFC) on February 20 suggested a licensing scheme for […]<\/p>\n","protected":false},"author":12,"featured_media":47038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1390,1406,1134,4742],"class_list":["post-47029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-australia","tag-crypto-exchange","tag-hong-kong","tag-independent-reserve"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/image-59.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47029"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47038"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}