U.S.-regulated cryptocurrency custody specialist Anchorage Digital is continuing its push into Asia, naming a brace of new institutional partners in the region.
Asia’s financial institutions and wealthy investors have among the highest exposures to crypto on the planet, according to Anchorage Digital co-founder and President Diogo Mónica. That said, places like Singapore, where Anchorage now has a 10-staff office, have rolled back somewhat on digital assets with the Monetary Authority of Singapore (MAS) calling for a crackdown on irresponsible crypto firms.
Being a U.S. federally regulated crypto firm means added scrutiny actually works in Anchorage’s favor, and life is also made easier by having to only work with one regulator, the MAS, as opposed to the mix of watchdogs in the U.S., Mónica said in an interview with CoinDesk.
“Currently about 10% of our business is in the Asia region, but we are projecting it to become closer to 20 to 25% in the next 12 to 18 months,” Mónica said. “And I can tell you that working with regulators in Singapore is a breath of fresh air,” compared with the regulatory mishmash in the U.S.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.