Cryptofonix 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 Cryptofonix.

Thus, Cryptofonix 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, Cryptofonix has about 10 employees in Singapore. The CEO of the exchange, Cryptofonix, 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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Adam Smith

Adam Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Adam’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Adam also covers other rapidly developing markets and economic and cryptocurrency studies.