Back in October of 2020, China-based cryptocurrency mining machine producer Ebang established a full subsidiary in Australia, hoping to not limit themselves to crypto hardware exclusively.
Australian Financial License Pending
Immediately after establishing an Australian subsidiary, the company set its sights on an Australian financial license.
In recent years, China has been cracking down on cryptocurrency exchange platforms, a measure that tends to give investors cold feet. This prompted many China-based crypto exchanges to look for greener pastures, generally within the APAC region.
Although Hong Kong used to be the main place to relocate for crypto firms, a combination of turmoil in Hong Kong and interest in fintechs by the Australian government has made Australia a prime location for crypto businesses looking for a new base of operations.
Mr. Dong Hu – the Chairman and CEO of Ebang International Holdings – stated that the interest in the Australian market comes in the wake of the special attention given to blockchain technology across Australia, both by the private sector and the government.
“We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”
Yesterday, Ebang followed up on their previous press release, stating that they are looking to launch within the first quarter of the 2021 fiscal year.
Not many details have been shared about the tentative launch – except that it will not operate within mainland China at all.
Although it is not clear whether the financial license requested by the company has been granted yet, the press release indicates that all procedures are at least well on track.
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