Amber Group, a Singapore-based crypto lender, is considering selling its Japanese unit as part of its plan to focus more on institutional business rather than retail business, Bloomberg reported.
According to Annabelle Huang, Amber's managing partner, the firm is currently evaluating options for its Japan operation, including a possible sale. Currently, no deal has been closed. Huang noted that Japan is a "very high-quality market, but the regulations are strict."
Meanwhile, Amber plans to apply for a virtual asset trading platform license in Hong Kong following the special administrative region's push to become a hub for digital assets. Huang said the regulatory scene in Hong Kong has been very optimistic for the company.
Hong Kong is aiming to develop virtual asset regulations that encourage growth and protect investors, in contrast to Singapore, which has been tightening its rules on cryptocurrencies, especially for retail investors. โHong Kong is leading the way right now, but I think Singapore isn't exactly closing the door either,โ Huang added.
Related: Amber Group Drops Expansion Plans After Denying Insolvency: Report
In December 2022, Amber Group secured $300 million in a Series C financing round led by Fenbushi Capital US. The decision to proceed with Series C came after the FTX collapsecausing Amber to halt its previous Series B funding. Prior to FTX's collapse, Amber was in the process of completing an extension of its Series B, with the goal of raising $100 million at a $3 billion valuation. .
The fallout from FTX also affected Amber Group operationally, with the company reportedly laying off more than 40% of its staff.
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