The world’s largest cryptocurrency exchange Binance has announced its launch of Fiat Trading Pair Exchange ‘Binance Singapore’. Binance has allied with Vertex Ventures and Vertex Ventures Southeast Asia and India. The partnership was the result of a two-month operation in Singapore by Binance. In operation, Binance saw that the user base grows 20 percent per week with a significant increase in the trading volume in FIAT trading.
The CEO of Binance, Changpeng Zhao, said, “Absolutely [Singapore will grow into a major market]. The Singaporean government has an in-depth understanding of cryptocurrency and is quite open to financial innovation. So far, based on everything we have seen, we strongly believe Singapore will lead the next financial revolution that is about to happen”. He has also added,
“Ideally, we want to find both in a market: existing demand and a progressive regulatory environment for growth. What we have seen is that the latter is often more important, and usually gives rise to the first. That is, favorable regulations usually give rise to big demand. So, as a result, we hope to set the stage for other organizations in Singapore, and beyond, where the region is pioneering in blockchain-related legislation while upholding rigorous standards and policies.”
There has been a significant improvement in the cryptocurrency market in Singapore. Singapore has been making potential changes, which is helping in the growth of cryptocurrency locally. The Inland Revenue Authority Of Singapore (IRAS) has now considering to remove the value-added-tax(VAT) and goods and service tax(GST) on the trade of the cryptocurrencies.
With the new partnerships and new policies, Singapore is attracting more and more cryptocurrency investors and is becoming a cryptocurrency hub in Asia. The investments have increased due to which the country’s economy is going digital. The Trade and Industries Minister Chan Chun Sing said, “This is where trust, standards, quality assurance [and] intellectual property protection will become very important,”