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Crypto Finance Leaves Singapore, Focuses on German Market

The firm aims to obtain several licenses from the German Federal Financial Supervisory Authority (BaFin) before the end of the year with the backing of its parent company.

Photo by Tim Mossholder / Unsplash

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Crypto Finance, a digital assets-focused fintech owned by Deutsche Boerse, is ending its four-year presence in Singapore as it looks to focus on its remaining core markets.

The Zurich-headquartered company's decision to leave the Asian financial center comes after waiting for over a year for a payment services license from the Monetary Authority of Singapore (MAS), reported on Monday.

Crypto Finance set up its Singapore office in 2019, led by Alisher Tashpulatov, at a co-working space on Robinson Road.

It appointed Swiss national Daniel Kukan as its APAC head in 2022, following the company's acquisition by Deutsche Boerse in December 2021. Its team in the city state also includes business development executives Xing Wai Lim, and Jeremy Dang.

Read more: Singapore-Based Matrixport Cuts 10% of Staff in Pivot to Accredited Investors

Lim, who joined in 2020, worked for a fintech arm of single family office originating deals and fund raising for internal blockchain projects. Dang was a relationship manager at DBS before joining in 2021.

Focus on remaining core markets

Crypto Finance offers financial institutions professional digital asset solutions, including 24/7 brokerage services, custody, infrastructure, and tokenisation solutions for financial institutions.

The company said it will now focus on its business in Germany, where it hopes to obtain several licenses from the German Federal Financial Supervisory Authority (BaFin) by the end of the year, with the support of its parent company.