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).
Wow! 👀😎 We are thrilled to now offer #crypto trading to #Singapore! 💯 #bitcoin ! https://t.co/azglABGedx — OKCoin (@OKCoin) October 7, 2020
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.
“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.