Crypto exchange OKCoin, which claims that its trading services are regulated, has announced the launch of its business office in Singapore. The fiat-focused digital asset exchange aims to serve as the Southeast Asia hub catering to clients based in Asia and Oceania.
According to a release, customers can trade Singapore dollars or SGD pairings for Bitcoin (BTC), Ethereum (ETH), and USD pairings BTC, ETH, Bitcoin Cash (BCH) Litecoin (LTC) and Ethereum Classic (ETC) on the OKCoin exchange.
The OKCoin trading platform has been developed to support novice or new traders with an easy and user-friendly on-ramp into crypto. The exchange also provides more advanced or sophisticated trading tools and APIs for professional digital asset traders.
Khairi Azmi, the general manager at OKCoin Singapore, said that this is an exciting time for the company as it further expands its operations into Singapore, with “the current macro economic environment setting the stage for the next phase of growth in cryptocurrencies.“
Azmi also mentioned that OKCoin has managed to achieve the “highest standards” for compliance in the blockchain and crypto-asset sector.
“We have worked diligently to adhere to the guidelines outlined by the Payment Service Act (PSA) put in place by the MAS (Monetary Authority of Singapore), so that institutional and retail investors in [the country] no longer label crypto as the wild wild west. We are moving quickly with partners and banks to open up new payment channels to help build what is already a burgeoning industry here.”
Singapore has reportedly experienced a 19% year-on-year increase in total Fintech investments for the first half of this year, according to estimates provided by the Boston Consulting Group. The Asian country now serves as the home base or headquarters for nearly 650 crypto and blockchain-related initiatives.
Singapore reportedly accounts for about 6% of the global digital currency market cap. The country also has a crypto-friendly governance and regulatory environment, which includes no taxes on capital gains.
As noted by the OKCoin team:
“Singapore has built a reputation as a global hotspot for cryptocurrencies. Project Ubin, a collaborative industry effort led by the Monetary Authority of Singapore (MAS) to explore the use of blockchain technology to clear and settle payments and securities more efficiently, is also coming closer to commercialization.”
Anson Zeall, ACCESS Chairman and OKCoin partner, noted that the government in Singapore has adopted a proactive approach to regulating digital currencies. Zeal claims that the nation’s authorities have found “the right balance of managing risk without discouraging innovation.”
He added that the MAS has been regulating the crypto sector in the country in a manner that’s consistent with the Financial Action Task Force’s (FATF) guidelines and standards.
He also mentioned:
“The long term benefits for crypto firms is the exciting participation of the greater ecosystem in this country, such as RegTech companies, banks, auditors, compliance and legal firms. Singapore has become the regional hub for cryptocurrency business in Asia and institutional investors are welcoming crypto exchanges like OKCoin that are taking a regulated approach.”