It will be the first regulated virtual currency exchange trading system to arrive in the country.
Investment group Foris Moneta secured a three-year license to launch a trading platform powered by Hong Kong Cryptocurrency Exchange (HKCCEX).
The trading platform, called The Digital Exchange (TDX), will be launched on 18 March. The TDX will include features such as full training and support, and lower fees to attract high volume traders.
“This project has been in the works for several months now. It comes as Singapore continues to cement its status as the premier cryptocurrency trading hub,” said Johann Leong, managing director of Foris Moneta, in a press release.
The HKCCEX is a regulated cryptocurrency multipurpose trading platform in Hong Kong.
Meanwhile, the Monetary Authority of Singapore (MAS) is assessing whether additional regulations must be implemented to protect cryptocurrency investors.