China-based blockchain expert company, IIIBTC Blockchain Technology Pte LTD (IIIBTC) announces to launch its flagship crypto exchange platform in Singapore. The trading platform will facilitate the exchange and mining of multiple cryptocurrencies. These digital assets help to secure financial transactions by acting as a medium with strong cryptography. The IIIBTC platform will go live in September 2018.
Clarence Guo, a lawyer at Tzedek Law LLC, said that lack of proper governance and regulation has resulted in several undesirable phenomena in the blockchain space. Hence, a regulatory framework is certainly the need of the hour. The sheer fact that IIIBTC is willing to comply with laws and regulations to provide a credible crypto exchange in Singapore, is indeed commendable, he added.
IIIBTC Singapore representative, Shawn Tham, stated that the combination of cryptocurrency, blockchain, and big data has brought forth a revolutionary breakthrough. He feels that this combination has the potential to change the global financial structure. Speaking about the crypto exchange launch, he said that they are excited to launch the flagship crypto exchange platform in Singapore. Singapore is an international financial hub with a strong reputation in terms of an adequate financial regulatory framework.
Various types of regulations have had severe implications on the blockchain ecosystem and on cryptocurrency in a lot of countries. In May 2018, the Monetary Authority of Singapore reviewed its regulatory framework timely and issued a consultation paper on the same.
Tham further added that Singapore’s stance on crypto business displays its forward-thinking, confidence, and open-mindedness in maintaining a pragmatic regulatory framework without hampering the growth of a budding business. He seemed hopeful that IIIBTC’s flagship crypto exchange platform will benefit the blockchain investors in the long run.
In his statement as reported in Coingeek, Managing director at DMC Consulting Pte Ltd, Simon Wang also expressed his support towards the IIIBTC exchange. He also expressed the willingness to potentially collaborate with IIIBTC in several areas.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]