OKCoin Continues To Expand Its Fiat-To-Crypto Onramps By Adding Support Of SGD
OKCoin Continues To Expand Its Fiat-To-Crypto Onramps By Adding Support Of SGD
March 13, 2020
OKCoin Continues To Expand Its Fiat-To-Crypto Onramps By Adding Support Of SGD
OKCoin Continues To Expand Its Fiat-To-Crypto Onramps By Adding Support Of SGD
March 13, 2020

OKCoin, one of the world’s oldest cryptocurrency exchanges, is continuing to expand its fiat-to-crypto onramps by adding support of the Singapore dollar (SGD).

On March 12, it has been reported that OKCoin users can deposit and withdraw Singapore’s official fiat currency, the Singapore dollar, for major cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

However, OKCoin announced that as the Singapore dollar is also officially accepted in its neighbor country Brunei, individuals and institutions in both jurisdictions are able to start trading their Singapore dollars for crypto.

The company noted that the Singapore dollar is the third fiat currency supported by OKCoin after the United States dollar and euro.

In conjunction with the launch of the Singapore dollar support, OKCoin is also setting up a new office in Singapore, which is a major financial hub for Southeast Asia and the Asia Pacific region. The company will now be hiring local industry professionals as part of OKCoin’s broader mission to spur global cryptocurrency adoption.

ALSO READ :  Reddit’s MOON Devises A Way To Exchange Its ‘Community Points’ Tokens For Fiat

Originally founded in China by Star Xu, who is also the founder of OKEx, the world’s third-biggest crypto exchange, OKCoin is now officially headquartered in San Francisco and has a number of offices worldwide including Malta.

However, OKCoin says that the fiat-focused cryptocurrency platform is available in 184 countries to date.

It has been analyzed that the exchange apparently intends to benefit from the local crypto-friendly ecosystem as the country has recently passed a new law to bring more clarity to the operation of local crypto businesses.

On January 28, Singapore adopted its cryptocurrency legislation, the Payments Services Act (PSA), officially putting crypto firms under the oversight of the Monetary Authority of Singapore (MAS), the country’s central bank and major financial regulatory authority.

As per the report, a number of local crypto businesses have outlined the potential benefits of the PSA, with some industry players expecting that the MAS’ crypto regulations would attract more credible blockchain companies to be based and licensed in Singapore. 

ALSO READ :  Nomics and Nexo Partners To Develop Algorithm For Ranking Crypto Products

A spokesperson at OKCoin said:

“The commitment the Singapore government has shown to the growth and development of Blockchain will put the city-state among the global leaders driving the industry forward, making Singapore a major focus for OKCoin.”

Thus, according to a 2019 report, Singapore is one of the biggest countries in terms of the number of registered digital currency exchanges alongside major global jurisdictions like the United Kingdom, the United States, and Hong Kong.

Source: mas.gov.sg | cointelegraph.com | Image: coinspectator.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.