Binance hopes to attract millions of users in 2020 via its subsidiary Binance Singapore. Release in beta last March, the new platform dedicated to Singaporeans is officially launched and allows to exchange Singapore dollars against cryptocurrencies.
Binance asserts itself on the Singaporean market
Binance announced the official launch of Binance Singapore in partnership with venture capital firms Vertex Ventures China , Vertex Ventures Southeast Asia and Vertex Ventures India.
Since its soft launch in March, the number of people registered on its platform Binance Singapore has increased by 20% per week.
“We are impressed by the progress of Binance Singapore,” commented the crypto-company on its official page .
Binance did not choose at random to expand its business in Singapore . In an interview, Changpeng Zhao, CEO of Binance, said the country will become a major market for crypto-investors in a few years because of the Singapore government’s direction in regulating Blockchain and crypto-currencies.
“The Singaporean government, which has deep knowledge of cryptocurrencies, is very open to financial innovation. So far, based on all we have seen, we are confident that Singapore will be leading the next financial revolution that is about to happen, “said CZ.
Singapore, the new “crypto-valley” of Asia?
In recent months, the Singapore government has considered imposing potential changes within the country to better facilitate local growth in the cryptocurrency and blockchain sectors.
The Singapore tax authorities would actively study the idea of removing the goods and services tax (GST)from cryptocurrency transactions.
Over the past two years, Singapore has experienced a notable influx of crypto-companies and Blockchain startups because of its favorable regulatory frameworks.
“In other words, favorable regulations generally generate strong demand on the crypto-market. It is a region that is pioneering legislation on Bockchain while maintaining rigorous standards and policies, “commented Changpeng Zhao.
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