Singapore, 1st May, 2020 – Leading blockchain technology provider ChainUP has collaborated with Bplus and BitSG Labs to launch Singapore’s first legally compliant cryptocurrency exchange solution. The one-stop service solution adheres to MAS (Monetary Authority of Singapore) standards, Singapore’s official financial regulator.
Established in 2017, ChainUP currently has eight developed product lines – whitelabel crypto exchange solution, blockchain cloud media, wallet system, situational awareness system, mining pool, public and alliance chains, liquidity and broker systems. It has created three independent brands – BitWind, an exchange liquidity provider, EXUP, a financial derivatives platform, and HiCoin, a crypto wallet solution.
Customizing development systems for exchanges, the new ChainUP technology solution targets compliance requirements to meet MAS standards. They have also implemented upgrades in these areas – AML (Anti-Money Laundering), KYC (Know Your Customer), local government audit reports/API, fund storage and withdrawal, remodeling of its underlying storage solution for wallets. ChainUP provides blockchain technology services to over 500 global customers, where 300 of these are exchange clients.
ChainUP: Past Success and Rich Industry Experience
With exchange compliance dominating regulatory discussions everywhere, it is clear that this industry topic will be a future trend. ChainUP points out that besides its legal component, compliance is also a test of technicality. ChainUP stands out when compared with other compliance providers in the market, with clear advantages of past success and rich industry experience. Although Japan is known for being extremely strict with compliance regulations, two of ChainUp’s exchange clients managed to obtain local licenses with ChainUP’s compliance solution. In Singapore, a group of ChainUP customer exchanges managed to get on the exemption list and their license applications advanced to be reviewed by MAS, using the ChainUP compliance system solution.
Compliance licenses are now in high demand, especially for certain countries – the United States, Singapore, Japan, South Korea, Australia, Canada, Malta, Thailand and Kazakhstan. Many exchanges get their licenses from Estonia and Switzerland, however, they do not really run their operations from there. Whilst an important market, the cost of being compliant in the United States is very high. Japan has a strong localized culture and is not really friendly to non-native exchanges. Regulatory hurdles like very strict audits that require long approvals are typical of Japan’s rigid bureaucratic administration.
Singapore: Favorable Landscape for Long Term Compliance Development
General industry consensus is that the Singapore landscape is favorable for long-term compliance development for exchanges. The city state has a relatively open legal policy making framework that prioritizes efficiency. Internationally recognized as a reputable venue to conduct business, Singapore can also aid in the globalization and branding of a company.
Furthermore, compliance is both costly and challenging, especially in the case of licensing applications. The ChainUP, Bplus and BitSG Labs collaboration provides a complete setup in Singapore that offers a one-stop shop exchange compliance service. This naturally brings about cost reductions and efficiency in compliance processing, not to mention a variety of value-added services on the table. Some of these services include incubation for exchange compliance, community marketing support, quality industry resource sharing, professional consultation services, global media services and support for Singapore as a core location incubator, amongst many others.
The new offering from ChainUP, Bplus and BitSG Labs supports exchanges to take-off with regulatory compliance.
About ChainUP
ChainUP is a leading blockchain technology solution provider in the world. It owns eight well-developed product lines: digital currency trading (financial derivatives), wallet, situational awareness, public chain and consortium blockchain, mining pool, blockchain cloud media, liquidity, broker, and has constructed an industrial closed-loop from technology service to traffic and traffic commercialization. So far, it has served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity service clients, which include 50+ million users in over 20 countries from Asia, Europe, America and Oceania. The team members behind ChainUP have worked in top blockchain or internet companies and institutions in technological development and operation management, and are highly experienced in the blockchain industry. It has obtained several rounds of investments from well-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongst others.
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