“Failure is part and parcel of life and business, especially when you’re pushing boundaries and trying new things.” – Lasanka Perera
Since it entered the zeitgeist, the world of cryptocurrency has promised unparalleled financial freedom and privacy. But the collapse of FTX in 2022 and the scandal surrounding its founder, Sam Bankman-Fried, served as a stark reminder of the dangers lurking in the wild west of crypto currencies. With billions lost, and countless investors left in the lurch, the debacle highlighted an urgent need for regulation.
But wouldn’t regulation defeat the very purpose of cryptocurrency? After all, the technology was designed to create a regulation-free financial system. How does one balance innovation with safety, freedom with oversight?
Lasanka Perera, CEO of Independent Reserve Singapore, the first cryptocurrency exchange approved by the Monetary Authority of Singapore, believes that a balance can be struck. After his team was made redundant at financial institution Société Générale during the 2008 global financial crisis, Perera became acutely aware of the fragile nature of traditional financial systems. So, when Bitcoin was introduced in 2009, he was struck by its potential as an avenue for an entirely new financial system.
Together with his friends, Adrian Przelozny and Adam Tepper, Perera founded Independent Reserve with the intention of making the technology accessible in a safe and secure manner. With his expertise in finance and technology, Perera has steered Independent Reserve into setting high standards for security and compliance in the industry.
From stringent ‘know your customer’ and anti-money laundering policies, to regular third-party audits, the exchange has implemented checks and balances to ensure that it operates transparently and ethically—proving that there really might be a way to regulate crypto without stifling its innovative spirit.
What are you most excited about Bitcoin?
The potential of Bitcoin to revolutionise the global financial system has been the most exciting idea I’ve come across since discovering it over a decade ago. As an unstoppable digital currency with a transparent and immutable ledger, Bitcoin offers a powerful alternative for the underbanked, those facing hyperinflation, or individuals seeking financial independence.
How do you see your industry evolving in the next five years?
One major trend to expect is the global shift towards more robust regulations. Policy makers around the world are still figuring out how to handle this new asset class, and their focus will likely be on protecting consumers and transforming the crypto market to be a safe regulated financial service.
Also, we’ll see a narrowing of the gap between traditional finance and crypto. Banks and tech companies are beginning to realise the potential of crypto and blockchain technology, and engaging more actively. At the same time, some crypto-native companies could start offering financial instruments like ETFs, bonds, options, traditionally the domain of banks.
Why did you start Independent Reserve?
We shared a vision for this new technology to be available to everyone safely and securely, which led us to co-found Independent Reserve in 2013. Building Independent Reserve pushed me out of my comfort zone and onto a whole new path. I had to shift from the comforts of working in large organisations to creating something of my own.
What personal achievement are you most proud of?
Last year, we made a significant decision as a family to uproot from Sydney and move to Singapore so I could grow the business here. While it feels like a lifetime has passed in just a year, the most rewarding part is seeing our entire family thriving in Singapore—it truly feels like home now.
Tell us about a cause that you are passionate about.
I feel strongly about fairness and equal opportunities. Everyone, regardless of their background or abilities, should have a fair shot at reaching their full potential.
I am leading my team to support the vital work of the local non-profit charity, Extraordinary People. They focus on family-centred and community-supported initiatives to help children with special needs build the skills and confidence to actively participate in and integrate into society.
