Rajarshi Mitra
Independent Analyst
- OKCoin traders will now be able to purchase Bitcoin and Ether through Singapore dollars (SGD).
- The exchange joins a community of 600+ firms that have incorporated blockchain technology in the country.
Singaporean OKCoin traders will now be able to purchase Bitcoin and Ether through Singapore dollars (SGD). With this move, the exchange is further expanding its fiat-to-crypto onramps in the nation. According to an OKCoin report, since the Singaporean dollar is accepted in its neighboring country Brunel, residents and firms in both the jurisdictions can trade the fiat money for crypto.
In addition to adding another fiat gateway to the nearly 200 onramps, the exchange is also opening offices in Singapore. OKCoin CEO, Hong Fang, 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.
The Monetary Authority of Singapore (MAS) has recognized the utility of cryptocurrencies. The “Payment Services Act,'' which came into effect in Jan, brings digital asset service providers under the purview of the government. Though expensive for some, obtaining this critical license adds legitimacy to Singapore’s crypto industry.
Several government agencies have been integrating blockchain technologies into its smart city ambitions. OKCoin joins a community of over 600 firms in the country who have been using blockchain technology. This includes Binance Asia, Litecoin Foundation and Algorand Foundation.
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