Singapore Gets a New Crypto Trading Platform Thanks to Diginex | Live Bitcoin News

Diginex is establishing a new cryptocurrency trading platform in Singapore, which has become a recent hubbub of crypto activity in the last few years.

Singapore Has a Growing Crypto Market

At the time of writing, the platform is exempt from necessary licensing procedures, meaning it can operate without having all its paperwork in order. In addition, the company is planning a Nasdaq listing in the coming weeks, so traders should be on the lookout if they are also intrigued by more traditional trading options.

Diginex says its new crypto exchange will focus primarily on crypto derivatives, though spot trading, dated futures, options and other products will emerge for traders to enjoy by the end of the third quarter. The company says that the exchange’s interface is designed to be extremely easy to use, given that it is being built for retailers that have little to no experience in the crypto trading industry.

CEO Ryan Byworth explained in a statement:

Our industry analysis has allowed us to understand the friction points for institutions to trade digital assets and address many of those with new and improved solutions around portfolio management.

As it stands, the company has anywhere between six and 12 months to garner the necessary licensure required to operate as deemed appropriate by the Monetary Authority of Singapore (MAS). Granted Diginex applies for the license within that time, operations may continue without interruption.

Byworth states that while the company is currently based in Hong Kong, the crypto exchange opted for a Singapore location given how clear the nation is regarding crypto regulations and its present level of flexibility. This follows news from last January that the country’s senior minister Tharman Shanmugaratnam instilled new regulation requiring the monitoring of all crypto establishments.

Tharman said:

We do not extend the regulation of crypto derivative products beyond approved exchanges. This would confer misplaced confidence in these highly volatile products and lead to a wider offering of such products to retail investors. Our approach has worked so far as trading in crypto products in Singapore remains limited and only a small number of retail investors are involved.

More Digital Asset Activity in the Works

In November of last year, Singapore noted that it was considering token derivatives trading for cryptocurrencies such as bitcoin and Ethereum on local exchanges. The move was designed to bring more traders from outside Singapore onboard and instill further growth in the country’s already expanding digital industry.

Singapore is just one of many Asian regions that are helping the continent to become one of the biggest and busiest areas for crypto activity. China is home to both Bitmain and Canaan Creative, two of the largest cryptocurrency mining ventures in the world, while India just recently reversed a bitcoin and crypto ban that barred all financial institutions from doing business with crypto ventures.

Tags: crypto exchange, Diginex, Singapore