Singapore has been making major moves in the crypto space, as it is one of the few countries that understands the long-term importance that the market holds. As a whole, most other countries continue to struggle with understanding the relevance of cryptocurrencies and how popular it is becoming.
Recently the country has started to strive to improve investor safety in the crypto space as they are constantly trying to make crypto more friendly to people who are new to the market. They were even quick to issue a warning to many crypto companies who were relying on false advertising to bring in more customers.
Government officials were quick to point out that this was severely unethical, and if companies do not stop then it is likely that various regulatory bodies could clamp down on this behavior.
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In fact, improving investor confidence, especially during a time when the market is struggling, is Singapore’s main objective. Various government officials are looking to make the market better and less hostile to new investors.
Working with Chainalysis
Various government officials are working with Chainalysis to make the market in Singapore more welcoming to investors. It should not only be able to bring them in and help them invest in the market, but it should also make them confident about the market as a whole.
Chainalysis is one of the biggest blockchain data platforms in the market, and it is especially popular among law enforcement internationally. Various countries that have started enacting effective crypto regulation are relying on this firm to provide reliable information about the market.
Using that information, most countries’ regulation agencies, who otherwise know nothing about the market, can learn how to better regulate it.
Complying with Anti-Money Laundering Policy
One of the main reasons why Singapore is working with Chainalysis is to comply with international anti-money laundering policy and know your transaction rules. With their help, they will be able to make a space that is not just more welcoming but is actively safer for more institutional investors.
With their help, the DBOE will be able to actively track cryptocurrencies on the local platform and potentially trace any serious problems. More importantly, if there is a cryptocurrency that is taking advantage of the platform or its customers, DBOE will know instantly.
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DBOE is a Solution that Many Have Been Looking for
Many investors have been waiting for a solution like the DBOE to come along which will allow them to trade more effectively. Not only does it plan to offer people plenty of options to choose from, but they can also experience trading without having to worry about possible fraud or the firm itself shutting down.