OKCoin, one of the world'south oldest cryptocurrency exchanges, is continuing to expand its fiat-to-crypto onramps past adding back up of the Singapore dollar (SGD).

Starting March 12, OKCoin users can deposit and withdraw Singapore'south official fiat currency — the Singapore dollar — for major cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

Every bit the Singapore dollar is also officially accepted in its neighbor country Brunei, individuals and institutions in both jurisdictions are able to start trading their Singapore dollars for crypto, OKCoin announced to Cointelegraph.

The Singapore dollar is the tertiary fiat currency supported past OKCoin subsequently the Usa dollar and euro, the visitor noted.

In conjunction with the launch of the Singapore dollar back up, OKCoin is as well setting upwardly a new office in Singapore, which is a major financial hub for Southeast Asia and the Asia Pacific region. The company will now be hiring local manufacture professionals equally part of OKCoin's broader mission to spur global cryptocurrency adoption.

Originally founded in China by Star Xu, who is also the founder of the world'south tertiary-biggest crypto exchange OKEx, OKCoin is now officially headquartered in San Francisco and has a number of offices worldwide including Malta. The fiat-focused cryptocurrency platform is available in 184 countries to date, OKCoin says.

OKCoin enters Singapore to benefit from the crypto-friendly regulations

The commutation apparently intends to benefit from the local crypto-friendly ecosystem as the country has recently passed a new law to bring more clarity to the performance of local crypto businesses.

On Jan. 28, Singapore adopted its cryptocurrency legislation, the Payments Services Act (PSA), officially putting crypto firms under the oversight of the Monetary Authorization of Singapore (MAS), the land's central bank and major financial regulatory authority.

As reported past Cointelegraph, a number of local crypto businesses have outlined the potential benefits of the PSA, with some industry players expecting that the MAS' crypto regulations would attract more credible blockchain companies to be based and licensed in Singapore.  A spokesperson at OKCoin said:

"The commitment the Singapore regime has shown to the growth and development of Blockchain will put the city-state among the global leaders driving the industry forward, making Singapore a major focus for OKCoin."

According to a 2019 report, Singapore is ane of the biggest countries in terms of the number of registered digital currency exchanges alongside major global jurisdictions like the United kingdom of great britain and northern ireland, the U.s.a., and Hong Kong.