Southeast Asia has had its first breakthrough in the burgeoning cryptocurrency industry. The region will be launching its first ever fiat-to-crypto exchange platform EurekaPro. The Singapore-based exchange will serve as an informal entry for businesses and consumers into the cryptocurrency market. According to a report by finews.asia it will primarily deal with Singapore dollar, Indonesian rupiah, Malaysian ringgit, among other Asian fiat currencies.
Junus Eu, Douglas Gan, and Kin-Wai Lau are among those who will manage the firm. Over 8,000 have reportedly signed up to its public beta.
Entry into the Southeast Asian market provides the potential for growth
There has been mixed feelings and reactions towards digital currencies from different quarters. In some regions, the cryptocurrency trading is running as usual while in others it is prohibited business. The latter has taken a different scenario whereby scammers are taking advantage of investors seeking to invest in the cryptocurrency industry.
However, it is very clear that the Southeast Asian has seen the light and the benefits of the said industry. Besides, the socio-economic dynamics of the region are growing at such a rapid rate. This status gives the fiat-to-crypto exchange opportunities for growth.
Sharing in the excitement for this milestone, CEO and co-founder of EurekaPro Junus Eu said, “Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.”
Singapore will establish its own regulation measures of the digital currencies
Southeast Asia is home to a burgeoning blockchain community. It is a home to the population of close to 655 million people, a majority of whom are in the middle class. On the other hand, the fiat-to-crypto will operate in real-time, and around the clock. Thus the need to have legislative measures for regulating digital currencies and security assets. In any case this the norm with every other government endorsing the trade.
That said, Singapore is shaping up to welcoming its own policies towards Cryptocurrencies. This is the only to help traders secure their investments owing to the massive losses experienced in the last two years.