Press Releases 23 July 2018Press Releases
Chinese blockchain development specialist, IIIBTC, launches crypto currency exchange in Singapore
– IIIBTC, offering a secure, stable crypto currency mining and trading platform, is designed to cater to an extensive pool of investors including investors from the PRC
– While some countries took a stringent stance on crypto related business, Singapore’s open mindedness and forward thinking has started to create a more vibrant, competitive environment for the new business model to grow
– The exchange expected to be live in September 2018 will add to the vibrancy of the Singapore crypto industry
SINGAPORE – 23 July 2018 – IIIBTC Blockchain Technology Pte Ltd (“IIIBTC”), a company established in China with strong expertise in blockchain development, announced today that it has launched its flagship crypto currency exchange in Singapore.
The IIIBTC trading platform facilitates the mining and exchange of multiple crypto currencies. These digital assets act as a medium with strong cryptography to secure financial transactions. IIIBTC is a MAS-approved Initial Coin Offering (ICO) issuer. The trading platform is scheduled to go live in September 2018.
Mr. Clarence Guo, lawyer at Tzedek Law LLC, the first consulting firm to provide advisory service to blockchain business in Singapore, discussed the regulation and compliance situation in the blockchain industry at the event and mentioned “Lack of proper regulation and governance has resulted in several undesirable phenomena in the blockchain space. The industry needs a regulatory framework to grow to the next level, and it’s commendable that IIIBTC is willing to comply with laws and regulations to grow its business in Singapore and provide a credible crypto exchange.”
Mr. Shawn Tham, IIIBTC’s Singapore representative, commented on the launch of the IIIBTC exchange and the outlook of the industry, “The combination of blockchain technology, crypto currency and big data has brought forth a revolutionary breakthrough, with a potential to change the global financial structure. We are excited to launch the platform in Singapore, an international financial hub with strong reputation in its adequate financial regulation framework.”
Various regulations have had profound implications and impacts on the crypto currency and blockchain ecosystem in different countries. The Monetary Authority of Singapore has made a timely review of its regulatory framework and issued a consultation paper in May 2018. The paper introduced a three-tiered system for the regulatory framework to continue to “meet the demands of the changing landscape” and propel the growth of the emerging business.
Mr. Tham further added, “Singapore’s stance on crypto business showcases its open mindedness and forward thinking, and its confidence in maintaining a proper, pragmatic regulatory framework while not hindering the growth of a budding business. We strive to serve crypto investors from China and other parts of the world with our secure, stable, efficient and transparent trading platform, under the governance and guidance of the Singapore regulatory bodies. We hope that our platform will benefit the blockchain investors in the long term.”
Mr. Simon Wang, managing director at DMC Consulting Pte Ltd (ACRA-certified corporate secretary, ACCA) expressed his support to the IIIBTC exchange and willingness to potential collaboration with IIIBTC in several areas.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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