Just received an email notification that the two coins, Avax and Hype, will only be listed on the established Singapore exchange, Independent Reserve (IR), next week on August 12.
The reason why IR is considered an established exchange is that it was one of the first to obtain the Major Payment Institution License from the Monetary Authority of Singapore (MAS) in 2021, allowing retail investors in Singapore to open accounts, trade, and withdraw virtual currencies using Singapore dollars on a centralized exchange (CEX). IR has an Australian background.
I checked other exchanges that have obtained licenses in Singapore, and the Avax coin has already been listed on Coinhako, Crypto.com, and Coinbase.
Hype has not yet been listed on Crypto.com and Coinhako, but it has already been listed on Coinbase.
Coinhako is a locally based exchange in Singapore that obtained its exchange license in May 2022.
Crypto.com and Coinbase, both with a U.S. background, only obtained their exchange licenses in Singapore in 2023.
At the IR exchange, it has just become possible to withdraw USDC and ETH on the Arbitrum and Base EVM chains.
As for Coinhako, so far, EVM withdrawals can only be done on Ethereum.
The compliance requirements for tokens listed in Singapore are high, the variety of tradable tokens is limited, and the options for public chains are few, which is a common characteristic of virtual currency exchanges in Singapore. However, compared to Hong Kong, the variety of tokens across Singapore's exchanges is somewhat greater.
MAS has clearly defined the demand to protect local users, and those tokens that are quickly listed have little chance of being listed on Singapore CEXs.
