One of the oldest cryptocurrency exchanges in the world now has an office in Singapore.
According to the October 8 OKCoin post, the exchange is opening its doors to Singapore cryptocurrency traders five months after receiving the relevant waiver from state financial supervision. OKCoin is already offering support for the Singapore dollar and says clients can exchange SGD pairs for Bitcoin (BTC) and Ethereum (ETH). The new location is reported to be a new customer service center in Asia and Oceania.
Hayri Azmi, Director General of the Singapore Exchange Office, said OKCoin has taken steps to ensure its business complies with the guidelines and requirements of the Payment Services Act, or PSA issued by the Monetary Authority of Singapore, or MAS.
The PSA, which went into effect in January, requires cryptocurrency-related companies to apply for licenses, such as a bill of exchange, a standard payment institution license, and a prime payment institution license. Cointelegraph reported this week that MAS has approved the first XSGD travel-compatible stablecoin tied to the Singapore dollar, issued by the payment company Xfers.
“When we take a wise approach to regulation, Singapore is a very attractive market for us, given the steps MAS has taken to create a clear regulatory map.”
In addition to the new rules, the private sector in Singapore may be interested in cryptocurrencies. In September, the Singapore Stock Exchange announced that it would list BTC and ETH price indices in cooperation with British company CryptoCompare. Price flows can be used by exchanges, including OKCoin, to track real-time volatility in cryptocurrencies.
As of June 30, there were 26 registered digital exchange exchanges in Singapore, according to Bitfury Crystal, an analysis platform that has made the United States the third largest licensed exchange in the world after the United Kingdom and Hong Kong. In July, a local government agency reported that there are 234 blockchain companies in Singapore.