OKCoin Launches Support for Singapore Dollar and Opens Local Office

OKCoin, one of many world’s oldest cryptocurrency exchanges, is continuing to develop its fiat-to-crypto onramps by including assist of the Singapore greenback (SGD).

Beginning March 12, OKCoin customers can deposit and withdraw Singapore’s official fiat foreign money — the Singapore greenback — for main cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

Because the Singapore greenback can be formally accepted in its neighbor nation Brunei, people and establishments in each jurisdictions are in a position to begin buying and selling their Singapore {dollars} for crypto, OKCoin introduced to Cointelegraph.

The Singapore greenback is the third fiat foreign money supported by OKCoin after the US greenback and euro, the corporate famous.

Together with the launch of the Singapore greenback assist, OKCoin can be organising a brand new workplace in Singapore, which is a significant monetary hub for Southeast Asia and the Asia Pacific area. The corporate will now be hiring native business professionals as a part of OKCoin’s broader mission to spur international cryptocurrency adoption.

Initially founded in China by Star Xu, who can be the founding father of the world’s third-biggest crypto trade OKEx, OKCoin is now formally headquartered in San Francisco and has quite a few workplaces worldwide together with Malta. The fiat-focused cryptocurrency platform is offered in 184 international locations to this point, OKCoin says.

OKCoin enters Singapore to profit from the crypto-friendly rules

The trade apparently intends to profit from the native crypto-friendly ecosystem because the nation has lately handed a brand new legislation to deliver extra readability to the operation of native crypto companies.

On Jan. 28, Singapore adopted its cryptocurrency laws, the Funds Companies Act (PSA), formally placing crypto companies below the oversight of the Financial Authority of Singapore (MAS), the nation’s central financial institution and main monetary regulatory authority.

As reported by Cointelegraph, quite a few native crypto companies have outlined the potential advantages of the PSA, with some business gamers anticipating that the MAS’ crypto rules would appeal to extra credible blockchain firms to be based mostly and licensed in Singapore.  A spokesperson at OKCoin mentioned:

“The dedication the Singapore authorities has proven to the expansion and improvement of Blockchain will put the city-state among the many international leaders driving the business ahead, making Singapore a significant focus for OKCoin.”

In line with a 2019 report, Singapore is without doubt one of the greatest international locations when it comes to the variety of registered digital foreign money exchanges alongside main international jurisdictions like the UK, the US, and Hong Kong.