In line with a recent official announcement published by the OKCoin, the exchange is opening new doors to cryptocurrency traders in Singapore 5 months after getting a suitable exemption from the country’s financial watchdog. OKCoin already offers support for the Singapore dollar, and reports its users can trade SGD pairings for Bitcoin [BTC] and Ethereum [ETH]. The new location will reportedly function as a replacement hub, catering to users in Asia & Oceania.
The general manager of the exchange’s Singapore office, Khairi Azmi, revealed that OKCoin has taken steps to form sure its operations adhere to the principles and requirements under the PSA [Payment Services Act], issued by the MAS [Monetary Authority of Singapore].
The PSA, in effect since January, requires crypto-related firms to use for operating licenses like money- amendment license, a typical payment institution license, and a significant payment institution license. As per an earlier report within the week, MAS approved the first travel rule compliant XSGD stablecoin pegged to the Singaporean dollar released by payments firm Xfers.
Explaining further, Azmi added:
“As we take a careful regulatory-first approach, Singapore is a really attractive marketplace for us given the steps MAS has taken to define a transparent regulatory roadmap.”
Additionally to the new regulations, the private sector in Singapore might even be warming up to crypto assets. Earlier in Sept., the Singapore Exchange revealed that it’d list price indexes for Bitcoin [BTC] & Ethereum [ETH] in collaboration with U.K.-based cryptocurrency data firm CryptoCompare. The price feeds are often employed by exchanges along with OKCoin to trace the price fluctuations of cryptocurrency assets in real-time.
In line with recent data from Bitfury’s blockchain analytics platform Crystal, Singapore had 26 registered virtual currency exchanges as of 30th June, tying the United States for the 3rd most licensed exchanges within the world behind the United Kingdom & Hong-Kong. A native governmental agency reported earlier in July that there are 234 blockchain firms in Singapore.