OKCoin Offers Support For The Singapore Dollar
OKCoin Offers Support For The Singapore Dollar
October 10, 2020
OKCoin Offers Support For The Singapore Dollar
OKCoin Offers Support For The Singapore Dollar
October 10, 2020

OKCoin, the cryptocurrency exchange, is offering support for the Singapore dollar and said that its customers can trade SGD pairings for Bitcoin (BTC) and Ethereum (ETH).

On October 8, it has been reported that the exchange is opening its doors to crypto traders in Singapore five months after getting the appropriate exemption from the country’s financial watchdog.

However, the new location will reportedly serve as a new hub, catering to customers in Asia and Oceania.

Khairi Azmi, the General Manager of OKCoin’s Singapore office, said that the exchange has taken steps to ensure its operations adhere to the guidelines and requirements under the Payment Services Act (PSA) issued by the Monetary Authority of Singapore (MAS).

Likewise, in effect since January, PSA requires cryptocurrency-related firms to apply for operating licenses such as a money-changing license, a standard payment institution license, and a major payment institution license.

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Azmi said: 

“As we take a careful regulatory-first approach, Singapore is a very attractive market for us given the steps MAS has taken to define a clear regulatory roadmap.”

In September, the Singapore Exchange announced that it would list price indexes for BTC and ETH in partnership with UK-based crypto data firm CryptoCompare.

Thus, the price feeds can be used by exchanges including OKCoin to track the price fluctuations of crypto assets in real time.

Source: Cointelegraph | Image: Capital


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. 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. She loves writing about blockchain and other blockchain-related articles.