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Why Singapore Could be the Next ICO Hub

  By David Drake   Last month, the Monetary Authority of Singapore (MAS) expressed willingness to help cryptocurrency companies in the country facing challenges when opening bank accounts. In doing so, the MAS has stated, though categorically, that it has no plans of relaxing the current cryptocurrency rules in order to attract more crypto-based companies to operate in the country. According to the managing director of the MAS, Ravi Menon, this move is largely aimed at drawing fintech startups and banks closer together and enhancing their working dynamics. While clarifying the need to support cryptocurrency firms, Menon was quick to note that the regulator is not aiming to create a regulatory environment that is extremely lax to appeal to cryptocurrency businesses. Advocating for Fintech Singapore has been advocating for the development of its fintech sector as an avenue for economic diversification and job creation. At the same time, the country ... Read More »

How Singapore’s Monetary Authority Efforts Could Foster Partnership between Banks and Crypto Firms

  By David Drake   Singapore is a country that has been building a good reputation in the world for its favorable investment environment. But beyond having a strong economy, the Singaporean government has offered support to the cryptocurrency industry and has legally allowed the use and trading of crypto with a view of gaining first-mover advantage over other countries. It is for these reasons that cryptocurrency firms have moved to set up business in Singapore. For instance, Binance, the world’s largest cryptocurrency exchange by trade volume has a license to offer exchange services in the country. The company even chose to test its fiat-to-crypto service on its cryptocurrency trading platform in Singapore. Despite these strides, crypto firms in the country have lamented over a lack of regulatory clarity in the country, a factor that has been impeding their operations as some companies were unable to open bank accounts. In ... Read More »

Crypto firms opening bank accounts: relation to Singapore cryptocurrency industry success

  By David Drake   Singapore is among the top countries that have a vibrant cryptocurrency industry, coming third after the US and Japan. In a bid to boost cryptocurrency industry growth, the country’s financial regulator, the Monetary Authority of Singapore (MAS) made public its plans to help cryptocurrency firms operating within its borders to open bank accounts locally. Previously, the absence of appropriate regulations has made it difficult for crypto-related businesses to run bank accounts in the country. Even so, this decision by the MAS does not in any way imply that the regulator is relaxing the regulatory environment so as to attract  new cryptocurrency firms to Singaporean market. Creating Jobs The Singaporean government has been keen to boost its economic performance for purposes of creating more jobs. The move by MAS seems to be a strategy to boost financial sector performance and spur economic growth. It is expected ... Read More »

Singapore’s Financial Regulator Supports Companies to Open Bank Firms Despite Strict Crypto Regulations

  By David Drake   Singapore continues to make groundbreaking moves in the cryptocurrency world. The country has been lauded as one of the most crypto-friendly environments despite the fact that the central government has not yet recognized cryptocurrencies as legal tender. In a move that is likely to make the country more attractive to cryptocurrency companies, the country’s financial regulator, the Monetary Authority of Singapore (MAS) expressed willingness to assist cryptocurrency firms to open bank accounts. The MAS managing director, Ravi Menon believes that such a move will foster greater development in the fintech industry. Across the world, countries such as India and China have placed regulatory roadblocks between cryptocurrency firms and banks. This move makes it impossible for businesses operating in the cryptocurrency space. Rise of Cryptos Concerning new cryptocurrency entrants to the market, Menon remains firm which makes it harder for them to conduct financial transactions in ... Read More »

How Binance’s Fiat-to-Crypto Exchange Addresses Key ICO Challenges in Singapore

  By David Drake   The world’s largest digital currency trading platform, Binance, started testing its beta version of fiat-to-cryptocurrency exchange in Singapore a few weeks ago. News about the launch of the fiat exchange were received positively as the country allows the use of virtual currencies and enjoys government support. But Binance’s decision to launch a fiat exchange in Singapore is not surprising at all. This is because the Asian country is considered an international economic hub with fairly low taxes and a technology-friendly atmosphere. Singapore has a reputation of being favorable when it comes to launching initial coin offerings (ICOs). As Binance tests its fiat-to-cryptocurrency platform in the country, expectations are high that it will open up it to all users in the coming months. Such a step will likely increase the success of ICOs in the country. Better User Experience For Binance, the testing of the fiat-to-crypto ... Read More »

Binance Moves to Uganda Just Weeks After Launching Tests on Beta Version in Singapore

  by David Drake     Just weeks after rolling out the testing phase for a Beta Version of the Singapore Fiat Exchange, Binance is on the news again having opened its first fiat-crypto exchange in Uganda this week. According to a press release by Binance Uganda, the newly launched branch is set to begin operations shortly, allowing users to make deposits and withdrawals in Uganda shillings. Last month, Binance unveiled a fiat-to-fiat cryptocurrency exchange in Singapore under a testing phase that is based on invites alone. This happened about a month after Binance opened the Lichtenstein exchange called Binance LCX, a fiat-to-crypto trading platform. Reports indicate that only two digital currencies – Ethereum and Bitcoin – will be traded on Uganda’s Binance cryptocurrency exchange. However, the exchange has plans to add more digital currency pairs in the near future. Focus on Blockchain In March 2017, the government of Uganda went ... Read More »

Binance Launches Beta Fiat Cryptocurrency Trading Platform in Singapore

  By David Drake   The cryptocurrency industry has attracted the interest of potential investors due to its rapid growth and high returns over the years. This has significantly increased the role that cryptocurrency exchanges play in the industry as users buy and sell cryptocurrencies. Binance is one of the exchanges that is making headways in the industry. Since its inception in 2017, Binance has been one of the fastest growing cryptocurrency exchanges and is currently the world’s largest cryptocurrency exchange by trading volume. As part of its efforts to improve the user experience, Binance has started testing a fiat to cryptocurrency trading platform in Singapore. Improving User Experience Although the cryptocurrency exchange has grown exponentially over the past year, one of the challenges users face is that they cannot convert fiat to digital currency on Binance. As such, they have to use other platforms to convert their fiat currency ... Read More »

Will Singapore Maintain its Edge in ICOs After Beta Testing Fiat-Crypto Exchange?

  by David Drake     Singapore’s third ranking as the most favorable country for successful initial coin offerings (ICOs) has just gotten better. Binance, the leading cryptocurrency exchange in the world, now with a trading in volume comparable to Nasdaq, has introduced a fiat-cryptocurrency exchange in the country. This exchange is compatible with the Singapore dollar and is presumed to not only introduce new entrants to the market but also to make it easier to convert across currencies. Binance follows up on developments made in countries such as Lichtenstein, Uganda, and South Korea, where it has already established dual cryptocurrency exchanges. The company has already made inroads in markets like the Malta Stock Exchange, which allows for security token trading. Regional Focus Trading in the volume of over a billion dollars daily, the company’s ambitions extend to future markets in Africa and Bermuda. These regions, with their already largely decentralized ... Read More »

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