Asia has been a promising market for technological innovations in almost every other field. As the globe is veering towards digitalization the demand and adoption of cryptocurrencies have recorded a surge. With the intention of expanding and adhering to the needs of the market, several crypto platforms have been venturing into Asia. San Francisco’s OKCoin is the latest cryptocurrency to jump the bandwagon.
OKCoin Rolls Out Asian-Centric Office
In a recent blog post, prominent cryptocurrency exchange, OKCoin revealed that it was venturing into the Asian markets with its latest office in Singapore. Earlier this year, the exchange sought approval from the Monetary Authority of Singapore [MAS] and finally received a thumbs up from the financial regulator. Keeping in mind its interest in the Asian market, OKCoin added support for the Singapore Dollar [SGD] in March 2020.
With its latest venture, the crypto exchange intends to represent itself as a “South East Asia hub” and specifically render to the needs of users from Asia and Oceania. The blog post further revealed that OKCoin’s Singapore exchange would allow users to trade the Singapore Dollar against prominent cryptocurrencies like Bitcoin [BTC] and Ethereum[ETH]. However, the United States Dollar [USD] can be traded against, BTC, ETH, Bitcoin Cash [BCH] Litecoin [LTC], and Ethereum Classic [ETC].
Elaborating on OKCoin’s Singapore takeover, Khairi Azmi, OKCoin Singapore GM revealed that the platform was steering towards making partnerships to pave way for new payment channels to accelerate the “burgeoning industry”. Azmi added,
“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.”
The financial watchdogs of Singapore have garnered an array of appreciation for its interest in regulating the crypto-verse. Lauding the Singapore government and its regulators, Anson Zeall, an OKCoin partner said,
“The Singapore government has taken a practical and proactive approach to regulating cryptoassets by finding the right balance of managing risk without discouraging innovation.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. ”
It seems like Singapore is heading towards becoming a global leader in the financial technology sector.