Crypto regulation in Singapore is serious business. But that means the country is perfect for institutional investors.
One crypto exchange is taking advantage of this. Hong Kong-based exchange AAX has announced is aggressively expanding in Singapore in a bid to cater to such investors.
AAX is an exchange powered by London Stock Exchange’s LSEG Technology—the only in the world, in fact. Last year it was given the green light by the Monetary Authority of Singapore (MAS) to work in the country.
Now it is launching a fiat to cryptocurrency platform in the island country supporting BTC, ETH, BCH, LTC, and its native Singapore dollars SGD token solely who live there.
“Singapore is really at the forefront of financial innovation, considering its position as one of the main business hubs in Asia Pacific and its forward-looking approach to regulation,” said AAX’s CEO, Thor Chan.
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“With the expansion of our team in Singapore, the provision of our FIX connectivity, we are expecting 10x growth in trade volume in 2021, as well as funds and family offices onboarding.”
The exchange also plans to provide compliance, treasury, marketing and account management to new crypto companies in Singapore.
AAX is the world’s first digital asset exchange powered by the London Stock Exchange. It offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity.
AAX also enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
It has enjoyed remarkable success this year: in January, fiat purchases of cryptocurrency on the platform hit $1.5 million.
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