Anchorage Digital, a U.S.-regulated cryptocurrency custody company, has announced the addition of two new institutional partners in Asia as part of its ongoing expansion.
Following Anchorage's previous involvement in a Japanese yen-denominated stablecoin initiative, the firms announced on Wednesday that the firm is collaborating with Bitkub, Dream Trade, FBG Capital, GMO-Z.com Trust Company, IOSG Ventures, and Antalpha.
According to Diogo Mónica, co-founder and president of Anchorage Digital, Asia's financial institutions and affluent investors have some of the biggest exposures to cryptocurrencies on the globe. However, several countries, like Singapore, where Anchorage currently has a 10-person office, have slightly scaled back their support for digital assets. The Monetary Authority of Singapore (MAS) has called for a crackdown on careless cryptocurrency companies.
The fact that Anchorage is a U.S. federally regulated cryptocurrency company means that increased scrutiny actually works in its favor, and having to deal with just one regulator, the MAS, as opposed to the variety of watchdogs in the U.S., makes life easier, Mónica said in an interview with CoinDesk.
According to Mónica, "Currently about 10% of our business is in the Asia region, but we are projecting it to become closer to 10, to 20, to 25%, in the next 12 to 18 months." In contrast to the regulatory chaos in the U.S., "I can tell you that working with regulators in Singapore is a breath of fresh air."
By fLEXI tEAM