A new year, a new alternative for Singapore's crypto community
A message from OKX SG CEO Gracie Lin
This holiday season, I took some time to reflect on the past year and chart our course for the year ahead.
2024 has brought profound and lasting change to crypto markets. After Bitcoin ETFs were approved in the US in early 2024, we saw significant growth in institutional adoption, with over one million Bitcoin accumulated by ETFs and institutions to date. Key jurisdictions around the world, including Singapore, Hong Kong, Dubai and the EU, continued to strengthen their frameworks for industry regulation. Recent political developments in the US are also expected to bring regulatory clarity, with knock-on effects for the rest of the world.
During the last bull market in 2020-21, there was widespread belief that crypto had finally broken into the mainstream. While this was true from a cultural and retail standpoint, big funds remained hesitant and the payment and transfer infrastructure that connects fiat institutions to crypto platforms was slow to emerge.
But times have changed. According to the Economist Impact research brief we commissioned a few months ago, nearly 70% of institutions are planning to increase their digital asset exposure in the next two to three years.
In Singapore, crypto payments have become more common as favorable market conditions and regulatory efforts to increase consumer protection gave investors more confidence to participate in crypto markets. Industry observers have also noted Singapore's strengthening position as a global crypto hub going into 2025.
At OKX SG, we are doing our part by building infrastructure and products to make crypto accessible to everyone. Over the past few months, we've launched:
Instant, free-of-charge SGD PayNow deposits and withdrawals, facilitated by DBS
Identity verification via SingPass for a more seamless experience
Spot-trading, broadening trading options for Singapore customers
SGD trading pairs (USDT/SGD and USDC/SGD) to facilitate easier and more cost-effective conversion of SGD into stablecoins and other tokens
31 new tokens, bringing total tokens offered to more than 80
Our community has responded positively to these enhancements. Since obtaining our license in September, Assets on Platform have tripled and trading volumes increased 16 times. We are one step closer to realising our vision of being a new alternative crypto exchange for everyone.
We have more planned for 2025, starting with features that streamline allocation and rebalancing, market monitoring and risk management for our customers. We'll invest in more educational initiatives and events locally, and stay close to the community. As our local entity scales to meet customer needs, we'll also be hiring more top talent, right here in Singapore.
2025 will be a defining year for crypto's integration into the mainstream, and we're determined to pave the way. Let's build the future, together.
This content is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital payment tokens. Digital payment tokens, including stablecoins, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital payment tokens is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances. OKX SG Pte. Ltd. is licensed by the Monetary Authority of Singapore as a Major Payment Institution under the Payment Services Act 2019. Please refer to the OKX Terms of Service and Risk & Compliance Disclosure for more details on services offered by OKX SG Pte. Ltd. and risk warnings on digital payment tokens specific to customers of OKX SG Pte. Ltd.
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