A Singaporean company will be building a crypto trading platform using PayBito’s infrastructure
In an up-and-coming project, PayBito will be licensing its scalable white label crypto exchange technology to a Singaporean based firm. The firm using the white label software was not identified by PayBito.
The technology will assist the firm in building digital asset exchange in far less time than it would take if all the design work was done on a bespoke basis.
PayBito describes some of the features its platform offers in a press release.
- Low trading fees
- Extensive range of crypto assets
- Multi-language support
- Multi-currency capability
The managing director of PayBito, Raj Chowdhury stated:
“Our white label software is designed to offer a robust and scalable infrastructure to the enterprises starting their exchange, giving them a strong foundation for a launch. It is the smartest and fastest way to establish a crypto trading platform”.
Furthermore, with the platform’s integrated API, the exchange will be able to access existing market liquidity via connections with other major exchanges. This project is one of many in Singapore, which is becoming a global hub for crypto services and blockchain development.
Foreign players are entering Singapore
Numerous crypto exchange operators, both local and international, are looking to do business in Singapore. A recent case is the UK-based exchange CEX.IO, which has applied for a license to operate within Singapore.
The purpose of this expansion is to leverage the recently passed legislation that regulates the Singaporean crypto market — making things clearer in terms of operations for foreign firms. Better regulations tend to attract business, and Singapore has excelled at regulating the crypto markets.
Executive Director of CEX.IO, Konstantin Anissimov, shared the company’s vision:
“I believe that Singapore will form the third pillar of our business and allow CEX.IO to become a truly global corporation…This expansion will allow CEX.IO to continue accelerating our growth to become one of the industry’s five key players very soon”.
More rules and regulations
In an attempt to regulate and legitimise the crypto industry, the recent Payment Services Act (PST) was put into practice earlier this year.
The legislation gave the Monetary Authority of Singapore (MAS) jurisdiction to regulate businesses that are involved with cryptocurrencies, including crypto service providers.
Under the PSA, in order for an international firm to operate in Singapore, it must first register its business and then obtain a license to operate. This is a straightforward process in Singapore, and many exchanges appear to be interested in doing business in the nation.