First Fiat-to-cryptocurrency exchange set to launch in Singapore. Even though the Cryptocurrency market is ten years old, but there is still a large portion of the public that doesn’t use it or even know about it. Most of the people still not aware of the investment opportunities through cryptocurrencies. To encourage worldwide participation, Singapore is taking the first steps to establish a fiat-to-cryptocurrency exchange.
First Fiat-to-cryptocurrency exchange set to launch in Singapore. South Asia will see its first fiat-to-cryptocurrency exchange which will take place in Singapore. This is to make it easier for both businesses and consumers to get involved in the industry. Singapore based cryptocurrency exchange EurekaPro has already launched an open public beta. This has over 8,000 signed up in the first week is set to launch first ever fiat-to-cryptocurrency exchange.
EurekaPro exchange allows users to trade or purchase fiat-to-crypto currencies from different Asian fiat currencies such as the Singapore dollar, Malaysian ringgit, Indonesian rupiah, and others.
“Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.”
– CEO Notes Junus Eu of EurekaPro.
Why Southeast Asia?
Entry into the Southeast Asian market provides enormous opportunities and growth potential for the fiat-to-crypto exchange. But different countries in the region have their own policies towards cryptocurrencies. Both Singapore and Thailand expressed they can concern welcoming crypto market.
Singapore’s Monetary Authority (also the city-state’s Central Bank) partnered up with Deloitte, NASDAQ, and Anquan. In order to find solutions for their exchanges, along with the final settlements involving digital currencies and security assets.
On the other hand, Thailand has more strict rules and regulations towards the cryptocurrency industry and defining security and currency tokens. First Fiat-to-cryptocurrency exchange set to launch in Singapore. The classification of currencies and securities has been based on their intended purpose. It also provides detailed regulations on how initial coin offerings (ICOs) must function while requiring them to have a minimum of 5 million baht (around $157,000) as the minimum base capital. At least 50 countries have stepped forward to get their own ICO licenses.
Singapore: One of the largest cryptocurrency market
Unlike other Asian countries like China and India, Singapore has been the budding crypto market. VISA debit card will be Asia’s first cryptocurrency card to launch in Singapore. The debit card will be linked to fiat and crypto wallets supporting BTC, ETH, LTC, MCO, and BNB in addition to seven fiat currencies including USD, the Singapore dollar, and the Hong Kong dollar.
EurekaPro will act as a catalyst to bring the users closer (a combined population of 655 million) of the region and providing easy usage of the blockchain technology industry. The firm also aims to provide its customers with 24/7 services