Is Matrixport Available In Singapore? 

The expansion of the crypto exchange market in the last few decades has opened the door for several investment firms to start operating, allowing investors to generate more interest in their dormant cryptocurrency investments. Matrixport, one of the fastest-growing cryptocurrency destinations in Asia, is one of the most exciting portals to offer these services.

Is Matrixport Available In Singapore?

The simple answer is no. But the corporate headquarters of Matrixport are in Singapore.

In this article, you can have a clear idea of what

  •       What is Matrixport?
  •       Matrixport in Singapore
  •       In Singapore, is cryptocurrency legal?
  •       Regulations for Singapore’s cryptocurrency exchange
  •       Regulations for future cryptocurrencies

What is Matrixport?

For cryptocurrency traders aiming to maximize the returns on their financial investments, Matrixport offers an all-in-one solution. The platform handles more than $5 billion in monthly transaction volume and has over $10 billion in assets under management (AUM).

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Regardless of their degree of knowledge, anyone wishing to invest in cryptocurrencies can use Matrixport. Through Matrixport’s user-friendly smartphone application, customers may invest in, trade, earn, and lend cryptocurrency. Along with providing services for ordinary traders, Matrixport also offers services to over 300 institutions, such as hedge funds, miners, and prop trading companies.

Although Matrixport has a significant presence in Asia, it operates in over 40 nations across three continents. The network also has the support of several elite investors, like Paradigm and Tiger Global, which significantly boosts the reputation of the services provided.

Matrixport

Matrixport in Singapore

With its corporate headquarters in Singapore, Matrixport aims to simplify cryptocurrency for all users under the slogan “Get More From Your Crypto.” The organization has eight centres in Asia and Europe, catering to institutional and retail clients. It has several licenses in Switzerland and Hong Kong.

Is cryptocurrency legal in Singapore?

  •   Cryptocurrencies: Not accepted as currency
  • Exchanges of cryptocurrencies: permitted but require Monetary Authority of Singapore registration.

Trading and exchanging cryptocurrencies is allowed in Singapore, and the city-state has adopted a more tolerant stance on the subject than some of its neighbours. Digital payments tokens (DPT), which are not yet regarded as legal money due to Singapore’s cryptocurrency regulations, are treated as “goods” by the country’s tax administration and are subject to the Goods and Services Tax (Singapore’s equivalent of VAT).

The Monetary Authority of Singapore (MAS) has taken a neutral stance on the development of cryptocurrency. It was made evident in 2017 that while it would not attempt to control virtual currencies, DPT would be subject to regulation if they were deemed to be “securities.” Even though it has acted impartially thus far, MAS warned the public in 2020 of the dangers of trading in crypto items.

Regulations for Singapore’s cryptocurrency exchange

MAS published recommendations in January 2022 to limit the public promotion of bitcoin services. According to the recommendations, crypto companies should take their advertisements off websites, social media platforms, broadcasts, and print media. MAS suggested that bitcoin marketing might still be used in professional settings.

The obligations for “digital transaction token service suppliers on anti-money laundering and combating terrorist financing” were outlined in MAS Notice PSN02, published in March 2022. New client due diligence methods, further risk analysis and risk reduction procedures, and documentation and tracking requirements were all part of the regulations.

Regulations for future cryptocurrencies

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International enterprises operating in the cryptocurrency field are taking notice of Singapore’s recent steps to govern cryptocurrencies and cryptocurrency operations.

Following the decision to curtail cryptocurrency marketing, the Financial Services and Markets Bill, which includes provisions to strengthen MAS’s ability to combat cryptocurrency money laundering, was still being discussed in the Singaporean parliament in April 2022. The new regulations require bitcoin businesses established in Singapore but offering their services abroad to register with MAS and get an operating license. The law underscores Singapore’s goal of improving its standing as a secure global location for bitcoin services.

Bottom line

To answer the question, is Matrixport available in Singapore? The simple answer is no. But the corporate headquarters of Matrixport are in Singapore. There, cryptocurrencies are not accepted as currency. The exchange of cryptocurrencies is permitted but requires the Monetary Authority of Singapore’s registration.

If Matrixport interests you, SIGN UP HERE to find out more.

If you are wondering what Matrixport does then check out our article explaining how it works.

What Does Matrixport Do

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