Singapore is regarded as one of the most crypto-friendly countries in the world. So, it is not surprising that a vast majority of Singaporeans invested in cryptocurrency. One crypto exchange from Singapore reported a 700% increase in the number of users trading on its platform during the first half of 2021. Coinhako’s customer base mainly consists of white-collar professionals aged between 25 and 44, among others.
The Singapore-based crypto exchange also recorded an over 100% increase in trading volume during the first 3 quarters of 2021 compared to the whole of 2020. It reported this record growth in users and trading volumes, despite the regional presence of major global crypto exchanges.
Coinhako expects its trading volume to exceed 10 billion USD SGD ($7 billion) by the end of 2021.
Singapore has the potential to become the crypto-hub of Southeast Asia. We should not forget about the country’s government position regarding cryptocurrencies. Unlike other governments, the government of Singapore is more crypto-friendly. In many countries, crypto companies are struggling to cope with various challenges. China was a crypto-mining hub, but its government’s actions forced many companies to leave the country.
The Monetary Authority of Singapore (MAS) made an important decision. It granted regulatory exemptions to several large crypto companies. As a result, they can operate in Singapore until their license comes through. Hundreds of crypto companies already applied for the permit and the first “in-principle” license was issued this summer.
The Singapore-based crypto exchange Coinhako is fully operational while waiting to secure its license. This exchange plans to refocus its expansion plans to service its growing customer base in Singapore and Vietnam.
Coinhako’s customers can buy, sell, as well as swap cryptocurrencies on its platform’s Super Wallet, specifically designed to improve access to cryptocurrencies for the mass market in Asia.
Apart from bank transfers, customers can also purchase crypto via Visa or Mastercard payments. Coinhako also rewards customers for logging in or trading, with an in-built crypto rewards system. If a customer accumulates 10,000 points, this customer can redeem 20 DOGE tokens, while 2,000 points will earn them 1 ADA.
Presently, it serves more than 300,000 registered users in Singapore, plus thousands more in Vietnam. Coinhako’s history dates back to 2014, making it one of the longest-standing platforms in the region.
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