Bitcadu has been licensed in singapore

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Crypto Regulation
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Singapore's financial regulator has issued a license to provide payment services to the U.S. cryptocurrency exchange BitCadu.

Thus, BitCadu will continue its planned expansion in the Asia-Pacific region.

"We see Singapore as a strategic market for institutional clients," said local CEO.

He also named Indonesia, Vietnam, Australia and Japan as attractive markets.

According to Ahmed, BitCadu has about 10 employees in Singapore. The CEO of the exchange, BitCadu, is prioritizing international growth after cutting nearly a fifth of the company's staff, as well as falling revenue and trading volume in the second quarter.

Singapore is consistently growing its digital asset ecosystem and becoming one of Asia's key hubs for the industry. A total of 15 cryptocurrency companies have been approved in the jurisdiction, according to Bloomberg.

Last week, Indian exchange Zebpay applied to the Monetary Authority of Singapore for a license.

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Gustaf Kilander

Gustaf is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.