Crypto Lender Amber Group May Sell Japan Unit to Focus on Institutional Clients
Crypto lender Amber Group is considering options for its Japan unit, including a potential sale, as part of its plan to focus more on institutional clients, managing partner Annabelle Huang told Bloomberg.
Japan is a "very high-quality market, but regulations are strict," Huang said, noting that the country is looking at revamping a number of regulations, including tax rules, which may help relax trading restrictions locally.
She stated, however, that "retail is not really our core focus this year" and that "we are refocusing more on our institutional business," which is in line with the market condition, Huang said, confirming that a sale of the unit in Japan is also an option.
That said, there is no deal to announce at the moment. But there may be potential investors already, Huang said.
Japan is still "booming," she opined, especially in terms of various Web3 applications and blockchain gaming, so "we're not surprised to see maybe even a Web2 player that's going to be interested in this."
Amber acquired the Japanese crypto exchange DeCurret in February 2022.
However, given the strict crypto regulations, many companies from this industry decided to close their Japanese doors.
Cryptocurrency exchange Coinbase, for example, exited Japan earlier this year, citing market conditions. The move came days after the company had announced its third round of layoffs in less than a year.
The Singapore-based Amber plans to apply for a virtual asset trading platform license in Hong Kong, given that the city is actively working on becoming a digital-asset hub. The lender is currently preparing for the license application.
The Hong Kong regulatory scene is "very bullish" for the company, Huang said.
Both Hong Kong and Singapore markets
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