Singapore set to receive first fiat-to-crypto exchange

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According to the media outlet Financial News, Singapore now has its first fiat-to-cryptocurrency exchange. The platform, EurekaPro, is already accepting beta testers and over 8,000 individuals signed up the first week the testing was offered.

The exchange will make it easier for consumers and businesses to purchase and exchange cryptocurrencies. EurekaPro will support a number of Asian currencies, including the Singapore dollar, the Indonesian rupiah and the Malaysian ringgit, among others.

According to the platform’s CEO, Junus Eu, “Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.”

EurekaPro was founded by Eu in conjunction with Kin-Wai Lau and Douglas Gan. The company began as the Sweden-based Overswitch and has operations in that country, as well as in Singapore and Malaysia.

While cryptocurrency is gaining ground around the world, nowhere is this more evident than in Southeast Asia. It is currently the fastest growing market and is seeing strong adoption, in particular, among the middle class. Out of all the countries in the region, Singapore and Thailand are currently leading the way and have maintained an inviting atmosphere for cryptocurrency.

Last month, Singapore proved its trust in cryptocurrency at the Singapore Consensus conference. The Monetary Authority of Singapore (MAS), which acts as the country’s central bank, indicated that it was ready to accept cryptocurrency. The head of the FinTech Ecosystem division for MAS, Damien Pang, indicated that the bank would not be looking to regulate the technology, but would obviously regulate the purpose.

To assist with its endeavors, the MAS has partnered with the NASDAQ exchange, Deloitte and Anquan in order to create solutions for exchanges and for payment settlement solutions that could incorporate digital currencies and security assets.

Not too far behind, Thailand has been moving quickly to draft regulations for cryptocurrencies. It is also working on developing guidelines to classify different crypto as securities or currencies, depending on their purpose, and has introduces a series of regulations for initial coin offerings (ICOs). Since the implementation of the ICO regulations, new offerings have dropped off substantially, a strong indication that only serious players are now willing to participate in the space.