Byte Power Group Launches Digital Exchange in Singapore

Asia Blockchain Review
January 8, 2020

A new cryptocurrency exchange with US and Australian dollar pairings is looking to make the most of blockchain support in Singapore.

Reported by the Market Herald, Byte Power Group’s Byte Power X Singapore has officially launched in the Southeast Asian nation.

New Exchange Featuring 10 Cryptocurrencies

Byte Power Group’s (BPG) Singapore cryptocurrency exchange, Byte Power X Singapore, was officially launched at the turn of the decade on December 31, 2019.  The digital bourse went live with ten types of virtual money, including several paired with fiat currencies including the Australian Dollar, United States Dollar and also the Singaporean Dollar.

The exchange was setup under a BPG subsidiary with the express purpose of taking full advantage of Singapore’s supportive stance towards blockchain and cryptocurrency technologies. BPG Chairman and CEO, Alvin Phua, remarked the company has “seen that jurisdictions with favourable regulations usually give rise to greater acceptance of cryptocurrency and an increase in demand” and described the company’s presence in Singapore as “a strategic opportunity to operate in one of the most progressive environments in Asia and indeed globally”.

BPG Contending with Regulation in Australia

Pointing out that “in the past two years, Singapore has seen a noticeable inflow of crypto and blockchain-related companies due to its favourable regulatory frameworks”, Phua stopped short of comparing circumstances in Singapore with BPG’s original home base of Australia, where it is facing removal from the ASX official list.

ASX suspended Byte Power securities in December 2017 and has yet to issue a resolution.  The company has acknowledged that if a conclusion is not reached it will likely be completely removed by February this year.

Source: themarketherald.com.au


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    How Blockchain has Helped the Business of E-commerce
    Blockchain technology is poised to revolutionize the e-commerce business industry. It offers an unpa...

    January 23, 2020

    Securing SEA’s Financial Networks with Blockchain
    As cryptocurrencies gain wider use among Southeast Asians, so too must blockchain solutions be devel...

    December 30, 2019

    Thailand: The Land of Blockchain
    As the country forges ahead on its Thailand 4.0 development agenda, firm government commitment and s...

    December 27, 2019

    Blockchain for Safer, more Afforable Telecommunications in SEA
    This article examines the use of telecom services in Southeast Asia, the industry’s unresolved probl...

    December 16, 2019

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us