What makes Singapore such an ideal place to legally domicile a Fintech company?
A lot of countries are bedfellows with the traditional banking systems and they have lots of pressure on them to resist change. There are however some progressive forward-thinking countries that are at the vanguard of cryptocurrency adoption. Countries such as Malta, Japan, Bermuda Switzerland, and of course Singapore.
Singapore is a county that is welcoming the fintech industry, and looking to take advantage of this digital revolution and use it to the benefit of their ECONOMY. At the same time, they just recently passed legislation designed to strengthen consumer protection and promote confidence in the use of e-payments
A lot of so-called purists are vehemently opposed to any type of regulation most conservative members of the crypto community recognize the importance and the need to have regulations for the health and growth of the Fintech ecosystem. No company or industrial investor will be involved in an industry with no regulations and that is where the real money lies. There will always exist other options for those who want to exist in the shadows but they will be the minority.
In Jan. 28th 2020 Singapore Payment Services Act was passed this will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory structure that governs traditional payment services. Companies must also comply with the financial advisors act insurance act, securities, and futures act and Trust companies act. Crypto services come under the oversight of the Monetary Authority of Singapore
Singapore’s legal efficiency and neutrality have made it a leading jurisdiction for arbitration.
FinxFlo (FXF) is a global crypto brokerage designed to help traders access the best prices with an unparalleled level of transparency and efficiency. By aggregating offers from the world’s leading exchanges, FXF helps to eliminate market distortions and achieve the optimum buy or sell price for all orders. Users can take full advantage of the access to multiple exchanges with just one account, one wallet, and one KYC process.
To learn more, go to Finxflo’s website at www.finxflo.com.
For any further queries, you can contact FXF at support@finxflo.com.
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