As stated by CEO Zhao Changpeng, Binance which is the most popular cryptocurrency exchange in the whole world is going to test a fiat currency exchange in Singapore.
He made this announcement at a particular blockchain event which took place in Singapore. He later posted the same on his twitter account as well.
The exchange is known to open in beta which basically means invite-only users which will take place in a closed testing surrounding in the month of September.
Sylvia Tham, an emcee based in Singapore commented that Binance’s choice in establishing a fiat exchange in Singapore reaffirms Singapore’s standing as a financial hub in the region.
No more information has been disclosed yet but it is assumed that Singapore dollar will also be available.
Singapore is a city-state that has a total population of about 5 million and is considered to be the Four Asian Tigers which basically means that the country has shown tremendous growth in their economy. Singapore is also known to be the most ideal place for multi-national business because it maintains a low rate of taxes. Singapore has been classified as the second best place to do business By the World Bank. However, New Zealand is the first followed by Denmark in the third place.
Cryptocurrency is not considered to be a legal tender. As stated by Colin Ng & Partners which is a local law firm, cryptocurrency exchanges are not yet approved as legal monetary exchanges by the Monetary Authority of the country however, they can be in operation as long as they abide by the requirements of CFT and AML.
In the month of May, the Monetary Authority of Singapore ordered to shut down a company’s coin offering and warned all the other 8 cryptocurrency exchanges not to sell any type of financial derivatives without the permission of the authorities.
Bitbox and Bitcoin banknotes are the two of the examples of cryptocurrency exchange businesses in Singapore.
Binace is known to have handles around $815 million in trade in the last 1 day as stated by coinmarketcap.com.