Singapore: Asia’s crypto capital
Singapore’s progressive stance toward emerging technologies such as cryptocurrencies and blockchain has established it as a major financial hub in Asia. The Singapore government’s ability to experiment has bolstered this view. For example, the Monetary Authority of Singapore (MAS) has been investigating the use of distributed ledger technology for payment and securities clearing and settlement since late 2016.
Other Singaporean government agencies collaborated to create the OpenCerts platform, which utilizes Ethereum smart contracts to grant and validate digital certificates for graduates of local educational institutions. Singapore also has additional benefits, such as being an internationally recognised and respected jurisdiction with advantageous tax laws.
Singapore’s fintech growth is the product of visionary policies, services, and initiatives. New industries have arisen, whereas established ones have reinvented themselves. Despite, or maybe as a result of, the pandemic, millions of dollars have been poured into the burgeoning technology market over the last year. Large investments have resulted in a tenfold rise in the number of technology companies in Singapore over the last five years. As a result, the city-state is rightfully regarded as Asia’s fintech hub.
As a result of the Corona crisis, demand for digital money has increased. For example, investment in the fintech sector increased to €232 million in the second quarter of 2020. Many anticipate that the increased demand for fintechs will last long after the pandemic is over.
Not only does investment fuel innovation, but Singapore also has favorable regulations for cryptocurrency and fintech firms. Singapore passed the Payment Service Act in 2019 to keep pace with the rapidly evolving crypto environment. This legislation was critical in fostering the development of the fintech sector by establishing a transparent structure while safeguarding customers.
Additionally, Singapore is geographically convenient. Though Asia’s two largest countries (China and India) place restrictions on cryptocurrencies, Singapore is currently a leader in the cryptocurrency and fintech industries. As a result, Singapore has established a reputation as a backwater for blockchain and cryptocurrency companies in the area.
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