OKCoin opens doors to crypto traders in Singapore

CoinTelegraph

One of the world’s oldest crypto exchanges now has an office in Singapore.

According to an Oct. 8 announcement from OKCoin, the exchange is opening its doors to crypto traders in Singapore five months after getting the appropriate licenses from the country’s financial watchdog. OKCoin already offers support for the Singapore dollar, and reports its customers can trade SGD pairings for Bitcoin (BTC) and Ethereum (ETH). The new location will reportedly serve as a new hub, catering to customers in Asia and Oceania.

Khairi Azmi, the general manager of the exchange’s Singapore office, said the announcement followed OKCoin complying with the Payment Services Act, or PSA, issued by the Monetary Authority of Singapore, or MAS.

How To Get Free Crypto  

The PSA, in effect since January, requires cryptocurrency-related firms to apply for operating licenses such as a money-changing license, a standard payment institution license, and a major payment institution license. Cointelegraph reported this week that MAS had approved the first travel rule compliant XSGD stablecoin pegged to the Singaporean dollar released by payments company Xfers.

Azmi said: 

“As we take a careful regulatory-first approach, Singapore is a very attractive market for us given the steps MAS has taken to define a clear regulatory roadmap.”

In addition to the new regulations, the private sector in Singapore may be warming up to crypto. In September, the Singapore Exchange announced it would list price indexes for BTC and ETH in partnership with U.K.-based crypto data firm CryptoCompare. The price feeds can be used by exchanges including OKCoin to track the price fluctuations of crypto assets in real time.

According to data from Bitfury’s blockchain analytics platform Crystal, Singapore had 26 registered digital currency exchanges as of June 30, tying the U.S. for the third most licensed exchanges in the world behind the United Kingdom and Hong Kong. A local governmental agency reported in July that there are 234 blockchain firms in Singapore.

Go to Source
Author: Turner Wright


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.