As per reports, it was included in a Bloomberg report that Amber Group, a Singapore-based crypto firm, will sell their Japanese unit to focus on institutional business instead of retail business, stated Cointelegraph.
It is believed that Annabelle Huang, managing partner, Amber, stated that the company is looking for options to operate in Japan because the country has a “very high-quality market, but regulations are strict,” added Cointelegraph.
As reported by Cointelegraph, Amber is looking for a license to apply for virtual asset exchange platforms in Hong Kong, in the hope of becoming the hub for digital assets. It is expected that the regulations in Hong Kong can be strict for Amber, Cointelegraph concluded.
(With insights from Cointelegraph)