Popular cryptocurrency exchange OkCoin has added support for the Singaporean dollar in a bud to expand its fiat-to-crypto onramp.
According to a press release, OkCoin users can now deposit and withdraw the Singapore dollar in exchange for crypto like Bitcoin and Ether. Prior to this time, the exchange already supported two other fiat currencies. The euro and the US dollar. The inclusion of the Singaporean dollar to the exchange platform is a welcome development.
Even more convenient is that Singapore’s neighbor country Brunei also officially accepts the Singapore dollar. This means businesses and individuals in both countries can make use of OkCoin’s Singapore fiat-to-crypto onramp.
Alongside the launch, the exchange will also be opening up a new branch in Singapore. To run the operation, the exchange plans to hire local professionals. All this in line with its plan to achieve worldwide cryptocurrency awareness and subsequently adoption.
OKCoin now in a crypto safe haven – Singapore
Singapore is known as one of the few crypto safe haven in the world. OkCoin opening a branch in Singapore is clearly in a bid to benefit from the crypto-friendly atmosphere in the country and the region.
In a bid to ensure orderliness and clarity in the crypto space, Singapore recently enacted new regulations. The country on January 28, approved the new regulation dubbed the Payments Services Act (PSA). The regulations proposed that crypto firms be supervised by the Monetary Authority of Singapore (MAS). The country’s central bank and other top financial regulatory authorities were also included.
A spokesperson at OKCoin pointed out that the Singapore government has shown a lot of commitment to the crypto space. Adding that this commitment has made “Singapore a major focus for OKCoin.”
Known as one of the oldest exchanges in the world, OkCoin was founded by Star Xu in China. Headquartered in San Francisco, the exchange has over time also opened a lot of offices in several parts of the world including, “blockchain island” Malta. The exchange alleged that its service is also available in about 184 countries worldwide. And is ranked the 12th crypto exchange in the world by adjusted trading volume. The exchange recently partnered with Simplex and added SEPA payment channels for EU users.