Cryptobank Anchorage steps into Asia

Cryptobank Anchorage steps into Asia

Anchorage, on the first federally licensed bank for digital assets in the US, settled in Asia. It has teamed up with various regional partners in the crypto sector to ensure the development of its infrastructure there for the exclusive use of institutions, considering the Asian market as one of the most promising.

Anchorage’s Asian expansion

Asia, the promised land of crypto companies? That seems to be the view of just-entered digital asset infrastructure provider Anchorage partnerships with players such as Thailand-based crypto exchange Bitkub and Singapore-based blockchain investment firm FBG Capital.

A turning point for the company, which was the first to receive the coveted status of a federally licensed bank in the United States. A a green light allowing it to operate on an equal footing with other national banking institutions and giving it much-coveted regulatory luster elsewhere.

Already having a team in Singapore with a regional clientele that represents approximately 10% of its business, it only makes sense thatAnchorage chose the capital as a starting point.

A place that could be perceived as particularly favorable to crypto, in particular thanks to its law on payment services, which came into force in 2020 and which created a breath of fresh air for many players in the sector. The company is also in the process of obtaining permission from the main local regulator, MAS (Monetary Authority of Singapore).

It’s about being in a crypto-friendly mode where companies want to do business. We are only institutional, the institutions are going to Singapore, so we are following suit.

Diogo Monica, co-founder and president of Anchorage, c Straits Times

However, his intention is to reach out more widely in Asia, seeing “a lot of opportunity” in crypto markets in Thailand, Indonesia, Japan and South Korea.

Asia, always better than the United States…

Meanwhile, she reaffirms her initial choice of Singapore because the city is “recognized by all other regulators as an ideal location”, failing to maintain its favorable aura towards crypto companies. At the heart of this cataclysm is the noisy collapse of several entities operating from its territory, such as Three Arrows Capital and the project Terra UST. Bad publicity that led the authorities to tighten the screws to ensure the protection of investors above all.

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But for the Anchorage leader is always more favorable than the regulatory climate that reigns today in the United States who struggle to establish the expected clarity.

Compared to the United States, with its infighting between regulators and turf wars, it’s a breath of fresh air to have a regulator [à Singapour]. In tone and content, it is still pro-crypto, albeit more focused on consumer protection.

Diogo Monica, co-founder and president of Anchorage, c Forbes

This is the first major international foray for the company, which provides a whole range of crypto services – such as custody, trading, staking… – to institutions (banks, venture capitalists, sovereign wealth funds). Asia is expected to account for up to 25% of its business over the next 18 months. Recall that according to Chainanalysis’ latest ranking, three Southeast Asian countries are in the top 15 of the crypto adoption index: Vietnam, Philippines and Thailand.

In addition, for Diogo Monica, the bear market is a good time to consolidate his position, as regulators, rather burned by the disastrous episodes of recent months, tend to take seriously the players who are still there and want to build a business. in accordance with legislation.

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