OKCoin trading will commence with Singapore and US dollar pairings for BTC, ETH, BCH, LTC and ETC with new payment channels coming soon
Singapore, October 7, 2020: OKCoin, the global, regulated fiat-focused crypto asset exchange, today announced the opening of its Singapore office to serve customers in Singapore and Brunei. Customers can trade Singapore dollars pairings for Bitcoin (BTC), Ethereum (ETH), and US dollar pairings BTC, ETH, Bitcoin Cash (BCH) Litecoin (LTC) and Ethereum Classic (ETC) on the OKCoin exchange. The OKCoin exchange is designed to support novice traders with an easy on-ramp into crypto, with sophisticated trading tools and APIs for advanced traders.
Khairi Azmi, new OKCoin Singapore GM takes the helm
“It’s an exciting time to lead OKCoin’s rapid expansion into Singapore, with the current macro economic environment setting the stage for the next phase of growth in cryptocurrencies,“ said Khairi Azmi, Singapore GM. “OKCoin has set the highest standards for compliance in the crypto industry. We have worked diligently to adhere to the guidelines outlined by the Payment Service Act (PSA) put in place by MAS, so that institutional and retail investors in Singapore no longer label crypto as the wild wild west. We are moving quickly with partners and banks to open up new payment channels to help build what is already a burgeoning industry here.”
Singapore has seen a 19% year-on-year increase in FinTech investments for the first half of 2020 according to Boston Consulting Group. It has provided a home base for almost 650 crypto projects, accounting for 6% of the world’s total cryptocurrency market cap. Due to its crypto-friendly governance — including no capital gains tax — and active crypto community, Singapore has built a reputation as a global hotspot for cryptocurrencies. Project Ubin, a collaborative industry effort led by the Monetary Authority of Singapore (MAS) to explore the use of blockchain technology to clear and settle payments and securities more efficiently, is also coming closer to commercialization.
Crypto regulation encourages participation
“The Singapore government has taken a practical and proactive approach to regulating cryptoassets by finding the right balance of managing risk without discouraging innovation,” said Anson Zeall, ACCESS Chairman and OKCoin partner. “MAS has been regulating crypto businesses in line with the global Financial Action Task Force (FATF) standards. The long term benefits for crypto firms is the exciting participation of the greater ecosystem in this country, such as RegTech companies, banks, auditors, compliance and legal firms. Singapore has become the regional hub for cryptocurrency business in Asia and institutional investors are welcoming crypto exchanges like OKCoin that are taking a regulated approach.”
Last month, the Singapore Stock Exchange announced it partnered with Cryptocompare to create a pricing index for bitcoin and ethereum to bring a higher level of transparency to the cryptocurrency market in Asia. According to Cryptocompare, Asian fiat-crypto trading pairs now account for 43% of total global spot volumes. As an A Grade exchange, OKCoin is a constituent cryptocurrency exchange contributing to this pricing index data.
OKCoin is a global, fully-regulated cryptocurrency exchange that enables customers to easily transition between crypto and fiat currency with the industry’s lowest fees. OKCoin’s advanced features provide a reliable, secure and frictionless trading experience, supporting customers across 184 countries to trade Bitcoin, Ethereum, and more DeFI and crypto assets using multiple currencies including the US dollar, euro, and Singapore dollar. OKCoin is a registered money services business (MSB) with the Financial Crime Enforcement Network (FinCEN). Established in 2013 and headquartered in San Francisco, USA, OKCoin has offices in Hong Kong, Singapore, Malta, South Korea, and Japan.