Leading fiat-focused digital asset exchange OKCoin has revealed the opening of new branch office and support for yet another fiat currency. As per latest update from the cryptocurrency exchange operator, the firm will now support fund deposit and withdrawal transactions in Singapore Dollar and the move is supported for Bitcoin and Ethereum at the moment. But the statement revealed that work is currently in progress to enable inclusion of more cryptocurrency spot pairs which are matched against Singapore Dollar. Aside from SGD, OKCoin currently accepts two other fiat currencies – US Greenback and Euro and is also working to include support for other major fiat currencies. The statement also revealed that OKCoin will open a local office in Singapore shortly and that it is planning on hiring local professionals to keep pace with its bold plans for expanding its presence and client base in the market region.
The firm hopes that hiring new personnel in Singapore will not just help in supporting its local expansion efforts and also help in achieving its broader mission of providing better service to both individual and institutional traders in the global cryptocurrency community. OKCoin’s decision to choose Singapore for establishing its local office in South-East Asian market region comes from Singapore’s rapidly growing reputation as a global hotspot for Cryptocurrencies and its crypto-friendly governance which includes an active community and no capital gain tax option. The Monetary Authority of Singapore (MAS)– the country’s official financial regulatory body and the central bank has made a clear effort to provide well-defined guidance to the crypto community and passed the Payment Services Act earlier this year to help digital payment token service providers gain a better understanding and comply with regulatory standards.
MAS is also considered a pioneer in decentralized inter-bank payment and settlement solution given its constant encouragement and support to various firms dealing in crypto-assets and tech and its coordinated efforts with various local government agencies to experiment with various crypto technologies. Aside from its crypto market-friendly atmosphere, the country is well known for providing a home base for nearly 650 crypto projects which account for 6% of world’s total cryptocurrency market cap making it the #1 destination in the market region to help with its business expansion effort.
Commenting on launch of support for SGD and plans to open local office, newly appointed 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. We intend to create a truly global cryptocurrency market, so supporting the Singapore dollar along with the euro and US dollar is an important step towards our goal”.
