The white label crypto exchange provider already boasts success stories from Japan’s strict regulatory landscape.
Singapore, 30th April, 2020 – Leading blockchain technology service provider ChainUP has collaborated with Bplus and BitSG Labs to launch the first legally compliant exchange solution in Singapore. The one-stop solution meets the requirements set by the Monetary Authority of Singapore (MAS).
Since 2017, ChainUP has focused on the development of blockchain technology service products. It currently has 8 mature product lines – whitelabel crypto exchange solution, wallet system, situational awareness system, public and alliance chains, mining pool, blockchain cloud media, liquidity and broker. It has also created independent subsidiary brands such as HiCoin, a crypto wallet solution, BitWind, an exchange liquidity provider, as well as EXUP, a financial derivatives technology platform.
This time, ChainUP has created a compliance technology solution for exchanges that meets MAS standards, by providing customized development systems for exchanges that focus on compliance requirements. Currently, ChainUp has completed multiple upgrades in KYC (Know Your Customer), AML (Anti-Money Laundering), fund storage and withdrawal, local government audit reports/API, and has remodeled its underlying wallet storage solution. Notably, to date, ChainUP has provided blockchain technology services to more than 500 customers worldwide, 300 of which are exchanges.
Compliance has always been an area of major concern in the crypto industry. Indeed, recent developments indicate that exchange compliance is a future trend. It is important to point out, though, that compliance is not only a legal requirement for exchanges, it is also a test of technicality. Compared with other compliance service providers in the market, ChainUP stands out based on past success and rich industry experience.
For instance, in Japan, a country with extremely strict compliance regulations, ChainUp already has 2 exchange customers who have obtained local compliance licenses. In Singapore, a group of ChainUP exchange clients have got on the exemption list and their license applications are being advanced, with the ChainUP compliance system solution currently under MAS review.
Presently, the countries, where obtaining compliance licenses are in high demand, include the United States, Japan, Singapore, South Korea, Thailand, Canada, Kazakhstan, Malta and Australia. While licenses issued from Estonia and Switzerland are commonplace, many institutions do not actually operate out of those countries. The United States is a very important crypto market but the cost of compliance is very high. Japan is very culturally localized and not friendly to non-native exchanges, with regulatory hurdles like very strict audits that require long approvals.
Overall, Singapore presents a favorable landscape for long term compliance development of crypto exchanges. Firstly, its legal policy framework is relatively open, prioritizing efficiency and practicality. Next, Singapore is internationally recognized and this can help in the globalization of a brand and its reputation. Compliance has always been a costly and difficult endeavor, especially in the area of license applications.
Now, with a complete setup in Singapore, ChainUP, Bplus and BitSG Labs are able to provide a one-stop shop compliance service for exchanges that can reduce costs and achieve compliance efficiently with peace of mind. At the same time, the three companies are also in a position to provide more value-added services. They include incubation for exchange compliance, support for Singapore as a core location incubator, professional consultation services, quality industry resource sharing, community marketing support, global media services and more.
With the current trend towards licensing for exchanges, ChainUP, Bplus and BitSG Labs are well-positioned to help exchanges take off with regulatory compliance.
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.
Official Website: https://www.chainup.com
Facebook Page: https://www.facebook.com/ChainUPTechnology
Facebook Group: https://www.facebook.com/groups/ChainUP
Cecilia Wong, yourPRstrategist.com
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Last modified: May 19, 2020 8:08 PM