More Crypto Firms Open Offices In Singapore
SINGAPORE – Two cryptocurrency companies have just announced that they are establishing an office in the city-state, highlighting the appeal of Singapore to such entities, according to various media reports.
For instance, a press release posted on PR Newswire on Thursday (16 September) stated that cryptocurrency financial services provider Babel Finance just opened a business headquarters in Singapore.
The office will be helmed by Babel Asia’s newly appointed Chief Executive Officer Shanshan Yu, who had previously worked for Bank of Singapore, Development Bank of Singapore, and United Overseas Bank.
Babel Finance said the Singapore headquarters is expected to improve the company’s role as a vital crypto player globally, and advance their regulatory compliance efforts.
The firm said Singapore is attracting major players in the crypto sector from Asia and beyond thanks to its fast-growing crypto ecosystem. As it’s strategically located in the ASEAN region, the new office will cater to traditional financial institutions and high-net-worth individuals (HNWIs) around the world. The headquarters will also function as a bridge for mainstream investors to access professional crypto financial services.
“Singapore’s dependable legal system, prestigious wealth management industry, and pioneering approach to crypto regulation make it an excellent launchpad for a business headquarters. In particular, regulators in Singapore are known for being tough on money laundering, so being fully compliant in this market will further the appeal of crypto assets among traditional investors,” said Babel Finance’s CEO Flex Yang.
To advance the group’s compliance strategy, Babel Asia intends to apply for relevant regulatory licenses in Singapore. The new office will also serve as a base for future mergers & acquisitions.
“The crypto ecosystem in Singapore is growing rapidly, thanks to its forward-thinking financial regulatory environment, and an increasing appetite for differentiated asset classes among the region’s qualified investors,” added Del Wang, co-founder of Babel Finance.
Meanwhile, Crowdfund Insider reported on Thursday that European crypto investment platform Change has opened an office in Singapore – its first workplace outside of Europe.
“Our new Singapore office is a huge step in our journey to become one of the world’s leading cryptocurrency investment platforms. We’ve seen rapid growth in the past year, both in terms of new customers and the size of our team – which now numbers more than 60,” said its CEO & Founder Kristjan Kangro.
“Singapore is the natural next step for us outside of Europe. It is home to consumers who embrace financial innovation, and it has a surging cryptocurrency community. Opening a hub in Singapore also provides a future gateway to global markets which are likely to be the driving force for cryptocurrency’s continued growth,” he added.