A Complete Guide To Start Your Cryptocurrency Exchange In Singapore
Singapore is a small island that got freedom from Malaysia. But within a few years it is highly developed and became one of the powerful countries in the world with high standards of living and a growing economy. It is also termed as the largest financial area in the world. Many experts have stated Singapore as a strong base for launching crypto businesses and the cryptocurrency trend is here to stay this year. It is a favourable country for starting a cryptocurrency exchange platform for native residents and non residents.
Singapore has softer legislation for non-residents. The Singapore regulators are very communal with the crypoto enthusiasts. The Singapore market is a very significant place for starting and growing your crypto businesses.
The Cryptocurrency Environment In Singapore
The Monetary Authority of Singapore(MAS) offers the formation of cryptocurrency businesses in Singapore and is also the main regulator of the financial field in the city state. 2017 is the most significant year for the cryptocurrency sector of Singapore. It is because of the MAS that began to allow legislation that controls the issuance and the virtual coins.
Steps To Launch Your Exchange In Singapore
Here is a step by step guide to launch your exchange in Singapore. This will give you a complete guide for that one needed to know before starting a crypto exchange platform. Here we go
1. Have clear knowledge in cryptocurrency regulations in Singapore
The cryptocurrency exchanges and trading are totally legal in Singapore. But it is not considered legal tender. The tax authority of Singapore treats Bitcoins as goods. so they impose Goods and Services Tax.
The daily trading volume will peak in three cryptocurrencies. They are Bitocin, Ethereum and XRP2. It is slowly coming into our daily life too. For instance, Paypal, Vemo and Tesla have now started accepting Bitcoin as a payment.
The exchange platforms should be properly registered with the Monetary Authority of Singapore(MAS)
2. Understand the crypto market in Singapore
The size of the cryptocurrency market in Singapore remains small but has a bright future as many investors are investing in trading. Initially you need to find out the leading crypto exchange currently in Singapore and also the top 10 exchanges.
This will help you to easily find your competitor. Keep an eye on competition and markets with the fullest competitive research. Then explore your competitors, discover their growth points, this will help you to build an unbeatable marketing strategy of your own.
3. Understand the pain points of crypto traders in Singapore.
There are many exchanges in the Singaporian market. Each of them will have their own gear up and pain points. But in general, a user will expect 3 major things in a crypto exchange whether it is a startup or top exchange platform. They are as follows,
Unfit to cope up with the trend
Many business owners are eagerly launching their crypto exchange but failing to build their platform with the capacity to adopt the recent trends. For example the Binance built with the capacity to adopt future technologies like NFT, Defi, etc. The user will expect to have a complete ecosystem in the exchange that they use.
Lack of security in transaction and storage
This is one of the major drawbacks in many cryptocurrency exchanges. Due to low security in transaction and storage wallet, people will not have trust in using the platform.
Low liquidity will also lead to the loss of users.
Top 10 best cryptocurrency exchanges to use in Singapore 2021. It is based on factors such as ease of use, reputation, charting features, trading fees, deposit methods, security, etc.
- Bitmex - 24hr volume: $1,742,149,736.91;
- OKEx - 24hr volume: $12,842,234,878.07;
- Bitfinex - 24hr volume: $1,128,033,786.08;
- Huobi Global - 24hr volume: $11,343,595,611.47;
- Crypto.com - 24hr volume: $162,035,744.52;
- Kraken - 24hr volume: $1,386,701,579.14;
- Gemini - 24hr volume: $212,687,454.10;
- Binance.sg - 24hr volume: $20,496,432,597
- Coinbase - 24hr volume: $2,426,803,835
- eToro - 24hr volume: $16,390,105
4.How to make liquidity for your crypto exchange?
In the beginning, getting liquidity for the crypto currency exchanges was a milestone. It was a big hurdle to get liquidity. Because people at that time were not ready to do trade. They were all in their trial period. People were trading to know how the platform is working. So there was limited liquidity. Compared to the initial stage in the crypto industry, now it is very easy to bring liquidity to an exchange platform.
Today we can achieve liquidity gradually after the launch and also at the time of launch. As people started accepting cryptocurrencies and trading started to expand, the problem in achieving liquidity vanished. To achieve this IT solutions are also available in the industry. With these solutions available from the IT side one can gradually attain liquidity for their crypto exchange.
5. Bring solutions for problem crypto exchange
There will always be ups and downs and security flaws in the cryptocurrency industry. The exchange system should be capable of tolerating the newly rising problems with the research and development team of your own. By having your own team, watch all the activities happening in the industry. By this one can find solutions and requirements for all the above mentioned problems. To fulfil all the problems, have a proper team. With their help do proper research and analysis and gather requirements to solve the issues.
6. Identify resources and requirements
It is your prime duty to identify resources and requirements to build a cryptocurrency exchange. And then a complete development team and exchange script is required. Need of a cryptocurrency exchange script and a leading cryptocurrency exchange solution provider is unevictable. So find out the best cryptocurrency exchange script provider and get complete resource requirements.
7. Business Plan
Prepare a master business plan as a draft. The plan should comprise all the essential details about starting a future gen crypto exchange. There should be no doubt and mistakes in the plan. This should be your final plan having how you are going to take your exchange. The business plan must have the following things
- Road Map
- Update Details
8. Contact a cryptocurrency exchange development company
There are many cryptocurrency exchange development companies across the world. But choose a company which you personally trust.
Sellbitbuy - We Sellbitbuy - Leading Cryptocurrency Exchange Clone Development Company, offers ready-made scripts that help you to launch your own bug free crypto exchange. We delivered quality exchange platforms to our clients across the globe. If you are interested contact our experts at Selbitbuy.
Know about our Cryptocurrency Exchange Script.
9. Initiate your project
Start your project after completing all the above mentioned points. Check the progress of your project at a timely interval. So that it is easy for you to monitor the development process.
10. Measure your expectation
After the completion of your exchange platform, check the quality of your platform. Check whether all the factors you mentioned in the business plan were added to your platform. It is essential to check the performance. Finally all the expectations should be fulfilled.
11. Launch your crypto exchange
It's time for the grant launch! Yes, if all the above stages are successfully completed, one can confidently launch their own cryptocurrency exchange platform. The platform will generate a huge profit gradually.
These are the 11 simple steps to launch your exchange in Singapore. Hope you gained some knowledge in the blog for starting your cryptocurrency exchange in Singapore. We Sellbitbuy - Cryptocurrency exchange software development company is here to give you the best consultation in starting a crypto exchange of your own and also provide the best cryptocurrency exchange solutions. Our Exchange Script is a cryptocurrency trading website script that helps to create a fast performing bitcoin cryptocurrency platform with high liquidity and security features at launch. Setup your P2P based cryptocurrency xxchange like Binance LocalBitcoins, Remitano, or Paxful in Singapore.