OKCoin opens its doors to Singapore cryptocurrency traders

OKCoin, one of the oldest cryptocurrency exchanges in the world, has announced that it will open its doors to cryptocurrency traders in Singapore 5 months after obtaining the appropriate licenses from the supervisory authority. Country finance.

OKCoin already offers SGD support, and reports indicate that its clients can trade SGD pairs against Bitcoin (BTC) and Ethereum (ETH). It is also said that the new location will serve as a new center, serving clients in Asia and Oceania.

where Khairy Azmi, Director General of the Singapore Stock Exchange, said the announcement came after OKCoin complied with the Payment Services Act (PSA) issued by the Singapore Monetary Authority ( MAS).

and the Payment Services Act, in effect since January, requires companies related to cryptocurrencies to apply for operating licenses such as a money exchange license, a standard payment institution license and a payment institution license Home.

This week the Coin Telegraph reported that the Monetary Authority of Singapore has approved the first XSGD stablecoin compliant with travel rules linked to the Singapore dollar issued by the payment company Xvers.

As we follow a rigorous regulatory approach first, Singapore is a very attractive market for us due to the steps taken by the Monetary Authority of Singapore to define a clear regulatory roadmap.

In addition to the new regulations, Singapore's private sector may be on its way to digital currencies.

In September, the Singapore Stock Exchange announced that it would include Bitcoin and Ethereum price indices in partnership with UK-based cryptocurrency data company CryptoCompare. The price feed can be used by exchanges including OKCoin to track real-time price fluctuations for digital assets.

and according to data from Bitfury's blockchain analytics platform Crystal, Singapore had 26 cryptocurrency exchanges registered as of June 30, equating to the United States in its third-country position. The most licensed exchange in the world after the United Kingdom and Hong Kong. A local government agency reported in July that there are 234 blockchain companies in Singapore.