Eqonex CEO says Singapore will be Asia’s crypto hub

By: Ali Raza
Ali Raza
Ali was a News Reporter at Invezz covering the cryptocurrency markets and blockchain industry. He has 8 years of… read more.
on Nov 19, 2021
  • The CEO of Eqonex has stated that Singapore has an innovative approach to crypto regulations.
  • This comes as the exchange shifts its operations from Hong Kong to Singapore.
  • The CEO further noted that Bitcoin could reach $175,000 in the recent cycle.

The CEO is Eqonex; Richard Byworth, a crypto and digital asset focused firm, has announced that the firm is transitioning its entire business operations from Hong Kong to Singapore. He noted that this change was being influenced by the regulatory climate in Singapore.

Singapore has a more progressive regulatory framework

In an interview with Bloomberg TV, Byworth stated that regulators in Singapore had taken an “innovative approach,” which was beneficial to the crypto industry, which was still new and had more potential for future gains. He noted that regulators restricting their citizens from accessing crypto were making these people miss opportunities present in the sector.

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He also noted that Eqonex was also working on compliance with regulations and working with regulators to understand more about the crypto sector and discuss products such as derivatives.

Eqonex is one of the most compliant exchanges globally, as it was among the first institutions to be regulated by the UK’s Financial Conduct Authority (FCA) under the AMLD 5 framework.

The Eqonex cryptocurrency exchange is currently in the process of getting regulatory approval from Singapore’s Central Bank. The exchange’s approval in Canada comes as the largest exchange platform, Binance, closed its operations in Singapore towards the end of September due to compliance issues.

Institutions are investing in Bitcoin

Over the past few months, Bitcoin has found its way into institutional investment platforms, attributed to the recent major gains. The use of Bitcoin as an inflation hedge has also been linked to increased demand for the primary cryptocurrency.

Byworth talked about these gains stating that Bitcoin (BTC/USD) transactions have increased by around 5 times during the past few months. He further stated that Eqonex’s volumes had increased by around 20 to 30 times since listing on NASDAQ due to institutional flow from hedge funds, corporates, venture firms, and family offices. Eqonex was the first crypto company to be listed in the US in 2020.

Besides Bitcoin being used as an inflation hedge, Byworth stated that investors shifted from a “manipulated” bond market into the crypto space. As such, he predicted that Bitcoin would hit $175,000 during the current cycle.

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