Regulations have seen many exchanges relocate to different countries. Singapore is the perfect place to start the Dimensions Network next-generation hybrid exchange.
The great bull run of late 2017 made many governments stand up and take notice of the cryptocurrency phenomena. Good and bad; this has meant that rules and regulations have come in that have changed the way blockchain projects have operated. Luckily, here in Singapore, we enjoy all the benefits of a country that has begun to embrace cryptocurrencies – and exchanges, in particular – in a big way.
So, why regulate?
Rightly so; many countries took measures to protect themselves and their citizens when the crypto market rose and fell dramatically at the turn of the year. Likewise many banks no longer permit their customers to buy cryptocurrency with their credit cards. Like any traditional investment, there’s the potential in for illegal activity in the cryptocurrency market. And new regulations and interest from governments has meant that this activity – like ‘exit scams’, for example – have been clamped down on. All of this is very, very good news for anyone invested in the future of the blockchain technology.
Asia is an innovator when it comes to technology. So it’s no surprise that blockchain, Bitcoin and cryptocurrencies have made a big impact on the market here. Some countries, like Japan, have even begun to adopt Bitcoin as a currency – you’ll see the iconic logo in the windows of many of the shops. And, South Korean investment now makes up about 4% of all daily Bitcoin trading volume. Whereas other countries, like China and Hong Kong, have sought to clamp down on exchanges, and cryptocurrency trading.
What’s special about Singapore?
Singapore has taken an innovative stance on cryptocurrency – and exchanges in general. As a hub for many ICOs, the country’s approach means that Dimensions Network has everything it needs to grow and prosper. In fact, in May 2018, the Singapore government announced a new tiered regulation that will make being an accredited exchange even more attractive. So, the legal issues that exchanges like Binance have suffered by residing in Hong Kong won’t be a problem for Dimensions Network.
Singapore is one of the most crypto-friendly countries in the world – and looks like it will remain that way for a long time. It's expected that new laws will come into place to protect investors over the long-term, but professional and compliant exchanges will always be made to feel at home. Here’s to a bright future in Asia’s glowing heart of cryptocurrency…