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Singaporean crypto-currency businesses unite

Written by David Pingree

Members of Singapore’s cryptocurrency industry held their first annual ACCESS (Association of Crypto-Currency Enterprises and Start-ups, Singapore) meeting on June 13, CoinPip announced in a press release.

ACCESS was formed in May of 2013 as a coalition of private institutions that will seek to make Singapore the world’s top location for cryptocurrency business and technology. The organization aims to regulate and promote bitcoin and other cryptocurrency exchanges like; market transactions, vending machines and production, and even mining.

ACCESS is registered with Singapore’s Registry of Societies, a department under the Ministry of Home Affairs, and includes members such as Tembusu Terminals, itBit and CoinPip. CoinPip’s founder, Anson Zeal, is its first chairman.

“ACCESS aims to provide an open and clear dialogue between Singapore cryptocurrency businesses and the wider public, including regulators,” Zeal told Channel News Asia. “With the forming of our association, we will help facilitate an ecosystem where Singapore can be a hub for cryptocurrencies businesses to grow and create jobs related to this new and growing technology.”

In March, the Monetary Authority of Singapore announced that it would begin to regulate cyrptocurrencies, which are becoming increasingly more popular throughout ASEAN and global markets.

Bitcoin in particular has drawn criticism lately as its value has fluctuated earlier this year. While bitcoin’s value was stable for its first three years, its value soared to USD 1,100.00 per coin in November before jumping between USD 400.00 and USD 800.00 between February and April, Decision Insider reported earlier.

ACCESS and its members are now attempting to promote investor confidence in cryptocurrency by launching various promotional events this year. Singapore hosted its first BOOST: Bitcoin event last month, where 8Pip—an affiliate company of CoinPip—unveiled the industry’s first bitcoin prepaid cards.

BTC.sx, an Australian-based bitcoin exchange, unveiled its new website last week, which will include ratios of leverage system. BTC.sx’s trade volume currently exceeds USD 44 million and hosted more than 3,000 active users in January alone, Decision Insider reported in an earlier article. More recently, the company rolled out a new website to cater its growing investor base.

21 million bitcoins are to be circulated by 2140, with 3,600 bitcoins mined each day, though the number of bitcoins mined daily will decrease at a fixed rate, CoinPip said on its website. Regardless of what critics may say about bitcoin and the cryptocurrency itself, the market is expected to grow exponentially as customers and vendors benefit from the absence of currency exchange and chargeback.

XBT 1.00 = USD 582.80 (XE.com 2014-06-23 13:29 UTC)

–Edited by Kristine Diaz

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