The Monetary Authority of Singapore (MAS) will release plans next month detailing guidelines for the country of Singapore to become a hub for bitcoin and other cryptocurrencies, according to a press release.
While the country seeks friendly relations with those seeking to operate in the greater cryptocurrency space and become a digital asset hub, much of the release detailed the importance of setting stricter expectations for entities intended on using Singapore as a shelter for bad practices. This having seen Terraform labs and the most recent Three Arrows Capital citing Singapore as their base of operations.
This regulated framework will definitely help the cryptocurrency industry grow, especially in Singapore. How is this relevant to BingX you might ask?
BingX is a regulated crypto company with licenses in USA, Canada, and Europe. We do not operate in countries or regions where we are not regulated or have no licenses in. This is to ensure we are aligned with regulatory standards and protect our users and community. We do have presence in Singapore with some of our staff based there.
BingX will look forward to more clarity with regards to the new regulated framework in Singapore and see how the crypto ecosystem develops. Presently, according to a survey by Finder, about 1 million Singaporeans own crypto and 34% of these owners have Bitcoin in their portfolio.
BingX credits its achievements and recognition by the TradingView as one of the best Crypto Trading/Exchange platforms to its loyal fans and customers. They aim to set better milestones by developing endless possibilities and enhancing already existing features. BingX continues to make efforts to improve the cryptocurrency exchange industry by improving brand influence and user experience.
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