OKCoin traders in Singapore can buy Bitcoin and Ethereum using the Singapore Dollar (SGD) as of 12 May. The exchange has opened offices in Singapore, which is one the world’s most crypto-friendly countries.
Accordingly, OKCoin has joined more than 600 firms that have forayed into Singapore, including Binance Asia, Litecoin Foundation and Algorand Foundation.
This is the latest OKCoin journey of connecting the world to cryptocurrencies.
Hong Fang, OKCoin CEO, said:
“There has been a huge demand from traders throughout Singapore who are looking for a safe and reliable way to trade cryptocurrencies with the Singapore dollar, and we are proud to be entering the market in a way that fully complies with local regulations and policies.”
Singapore’s regulations likely to lure more firms
In addition, the company has added another currency portal to the almost 200 onramps.
On 28 January, Singapore has enacted its crypto law – the Payments Services Act (PSA) – which formally puts crypto firms under the control of The Monetary Authority of Singapore (MAS); the country’s central bank.
Despite being expensive for some, applying for this vital license provides credibility for the crypto industry in Singapore.
Some local crypto exchanges have highlighted the possible benefits of the new law, with some of them expecting the regulations to attract more blockchain companies to the country.
OKCoin spokesperson said:
“The commitment the Singapore government has shown to the growth and development of Blockchain will put the city-state among the global leaders driving the industry forward, making Singapore a major focus for OKCoin.”
Binance applies for license in Singapore
Binance, Malta-based crypto exchange, has applied for an operating license in Singapore, in a bid to expand its user base while complying with regulations.
However, Binance is not the only international firm seeing the potential of the new regulations in Singapore. London-based Luno, and Tokyo-located Liquid have also expressed their plans to apply.