GGBTC, the world’s leading digital currency exchange, announced that it has officially become a compliant and licensed digital asset trading institution in Singapore, and is permitted to conduct legal currency transactions and token transactions in the local area.
At present, the competition of digital currency exchanges is fierce, and the licenses of the exchange are undoubtedly the core of competition. Accordingly, GGBTC has established compliance license operation teams in many countries or regions around the world, hoping to build global liquidity of exchanges through in-depth cooperation with local alliance partners, and further obtain digital asset trading licenses in this region, so as to accelerate GGBTC’s global expansion pace.
Therefore, the success of GGBTC in obtaining the license is a significant milestone, which sets a good start for the second half of 2019, provides a strong foundation for GGC to go higher after it’s listing, and marks that the exchange is just around the corner to overtake.
Next, GGBTC will get more and more licenses, and the trading of digital assets will gradually become standardized. In addition to the good news of the license, GGC Singapore Foundation, jointly formed by GGBTC and American GONE Fund, was formally established in July.
The goal of the Foundation is to select star projects to join the ecology on a global scale. The Foundation will provide a full range of empowerment for excellent blockchain projects and communities, and promote the breakthrough development of blockchain applications in giving priority to free token listing, providing start-up funds, sharing of instructors, Demo Day for showing results, establishing relationships with investors, token publishing, and product promotion.
The launch of the GGC Singapore Foundation, on the one hand, is bound to significantly enhance GGBTC’s ability to dig deeper into quality projects; on the other hand, it also paves the way for the exchange’s Launchpad to issue tokens with GGC.
Undoubtedly, the above two points are an important part of the exchange’s large ecological closed loop, and it is also a key factor for GGC’s sustainable rise.
At last, GGBTC will continue to embrace regulation in 2019 and 2020, complete information disclosure, seek compliance methods, and actively promote the operating mode of global exchange + local compliance exchange + STO exchange. While fulfilling its own vision, GGBTC will help the entire industry to upgrade and become a new engine for the next round of market.
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On January 14, 2019, the Singapore Parliament passed the Payment Services Act, which was formally legislated. The Singapore Monetary Authority (MAS) said the Payment Services Act was introduced to encourage and adapt to the difficulties of payment innovation, blockchain technology and digital currency development and payment compliance. Meanwhile, the Payment Services Act will also review, issue and supervise the application and compliance of payment license for digital currency institutions, exchanges and other entities, so as to promote the steady development of the whole industry.