OKCoin – one of the world’s longest-running crypto exchange firm to date – has reportedly released a fiat-to-crypto facilitating feature for the Singapore dollar (SGD). 

Specifically, OKCoin offer support for the deposit-withdraw transactions for the national fiat currency of Singapore – the Singapore dollar – from and to major digital coins, nominally Bitcoin (BTC) and Ether (ETH).

Furthermore, businesses and investors from both Singapore and Brunei can use the supporting feature for Singapore dollar-crypto transactions, since the currency is legally authorized in Singapore’s neighbour nation also. 

The Singapore dollar has joined the US dollar and the EU as facilitated coins on the OKCoin platform. 

Apart from the introduction of the support feature, OKCoin is also setting up a new Singapore-based branch, considering the region to be South East Asia’s financial hotspot. The firm has plans to recruit local experts in the sector, in an attempt to drive international adoption rate. 

OKCoin reportedly looks to gain advantage of the crypto-friendly ecosystem in Singapore, since the local authority has recently approved of a bill – the Payments Services Act (PSA) – with a primary target to provide proper certainty to how crypto firms should function. 

“The commitment the Singapore government has shown to the growth and development of Blockchain will put the city-state among the global leaders driving the industry forward, making Singapore a major focus for OKCoin.” An OKCoin representative claimed.