Not surprisingly, the vast majority of Singaporeans have invested in cryptocurrency, as it is one of the most pro-cryptocurrency countries in the world. According to a recent survey by the Independent Cryptocurrency Reserve Index 2021, 66% of respondents between the ages of 26 and 45 said they own digital currencies.
Coinhako, a Singapore-based cryptocurrency exchange, reported a 700% increase in the number of users trading on its platform in the first half of 2021. The platform reported an “increased appetite for millennial cryptocurrencies” based on the active customer base, which is mostly staff between 25 and 44 years.
Oslo Børs also registered a 1000% increase in trading volume during the first three quarters of 2021 compared with the whole of 2020.
Interestingly, Coinhako reported record growth in users and trading volume despite the regional presence of the world’s leading crypto exchanges.
The exchange, backed by reputable investors such as Boost VC and Tim Draper, expects trading volumes to exceed S $ 10 billion ($ 7 billion) by the end of the year.
New cryptocurrency hub in Southeast Asia
“Global adoption is crucial to Bitcoin’s success,” said Boost VC CEO Adam Draper when he first invested in Coinhako. “And I think Singapore is where Bitcoin is in Asia.”
Coinhako co-founder and CEO Yusho Liu has also been involved in spreading cryptocurrency around the world.
“Given the evolution of the cryptocurrency markets in the United States and Europe, we believe that for the cryptocurrency industry and in this part of the world, it is only a matter of time before it takes off,” he said.
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A more positive attitude from local authorities towards cryptocurrencies will undoubtedly play a role in transforming Singapore into a cryptocurrency hub in Southeast Asia, especially now, given the strict regulatory measures against cryptocurrency companies in other parts of the world.
The Monetary Authority of Singapore (MAS) granted several large cryptocurrency companies an exemption from regulatory requirements so that they could operate in Singapore before being licensed. Bloomberg reported last month that more than 300 crypto companies have already applied for a permit, and the first license was issued “in principle” in August.
Coinhako, like other global cryptocurrency exchanges, is fully operational pending a license. Oslo Børs plans to reorient its expansion plans to serve its growing customer base in Singapore and Vietnam.
But even with leading crypto companies opening stores in the city-state, Coinhako operates as a regional player.
local competitive advantage
Coinhako users can buy, sell and exchange cryptocurrencies in the platform’s Super Wallet, which is specifically designed to improve access to mass-market cryptocurrencies in Asia.
In addition to bank transfers, users can also purchase cryptocurrencies using Visa or Mastercard payments. The exchange also rewards users for logging in or trading with a built-in cryptocurrency reward system. For example, if a user collects 10,000 points, he can exchange 20 DOGE tokens, and 2,000 points will give them 1 ADA.
“Over the years, we have expanded this to provide access to various digital assets while working on our vision of providing access to the crypto-economy across Asia,” the exchange said.
Coinhako currently serves over 300,000 registered users in Singapore as well as thousands of other users in Vietnam. It was founded in 2014, making it one of the oldest platforms in the region.