ChainUP Launches One-Stop Solution for Singapore Compliant Crypto Exchanges
Singapore- In collaboration with Bplus and BitSG Labs, leading blockchain technology provider ChainUP has launched the first legally compliant crypto exchange solution in Singapore. This one-stop solution meets MAS (Monetary Authority of Singapore) requirements, MAS being Singapore’s de facto central bank and regulator of the financial sector.
Since establishing in 2017, ChainUP has developed 8 mature product lines - whitelabel crypto exchange solution, situational awareness system, wallet system, blockchain cloud media, mining pool, public and alliance chains, liquidity and broker. Three independent subsidiary brands have also been created - EXUP, a financial derivatives platform, BitWind, an exchange liquidity provider and HiCoin, a crypto wallet solution.
The new compliance technology solution created by ChainUP meets MAS standards by customizing development systems for exchanges that target compliance requirements. Presently, ChainUp has completed various upgrades in the following areas - fund storage and withdrawal, AML (Anti-Money Laundering), KYC (Know Your Customer), local government audit reports/API; it has also reconstructed its underlying storage solution for wallets. It is important to note that ChainUP has provided blockchain technology services to over five hundred customers globally, three hundred of which are exchanges.
ChainUP: Past Success and Rich Industry Experience
Compliance has been a hot talking point as governments everywhere have been stepping up on regulatory oversight of cryptocurrencies. Of late, industry developments signal that exchange compliance will be a future trend. ChainUP contends that compliance is not just a legal requirement, for exchanges, it is also a technicality test. Comparing ChainUP with other compliance providers in the market, the former stands out when judged on past success and level of industry experience. For example, Japan is known to be extremely strict on compliance regulations. Yet, ChainUp has managed to help two of their exchange customers obtain local compliance licenses. Here in Singapore, a group of exchanges, who are clients of ChainUP, have got on the exempt list where their license applications have been advanced, and the ChainUP compliance system solution is presently being reviewed by MAS.
Right now, compliance licenses are in high demand for certain countries. They include the United States, Japan, South Korea, Singapore, Canada, Thailand, Australia, Malta and Kazakhstan. Many institutions obtain their exchange licenses from Estonia and Switzerland but do not actually operate out of there. Even though the US is an important market, the cost of being compliant there is very high. Another important market, Japan, is very localized in culture and unfriendly to non-native exchanges. Regulatory hurdles such as extremely strict audits requiring long approvals are commonplace.
Singapore: Favorable Landscape for Long Term Compliance Development
Generally, Singapore has a landscape that supports long-term compliance development of exchanges. First, its relatively open legal policy making framework prioritizes efficiency. Then, as an internationally recognized and reputable country venue to conduct business, Singapore can aid in the branding and globalization of a company.
Compliance, especially license applications, is a costly and challenging affair. ChainUP, Bplus and BitSG Labs now provide a complete setup in Singapore that provides a one-stop shop exchange compliance service. Cost reduction and efficient compliance processing can now be achieved with peace of mind. Furthermore, an array of value-added services are also available. They include incubation for exchange compliance, professional consultation services, support for Singapore as a core location incubator, community marketing support, quality industry resource sharing, global media services and many others.
All things considered, the new offering from ChainUP, Bplus and BitSG Labs appears well-positioned to support exchanges take-off with regulatory compliance.