Singapore: Asia’s crypto capital

singapore_buildings_city

was a simple port a century ago. Today, Singapore has a thriving economy. Singapore’s rapid growth is a product of the government’s innovation-focused policies. 

Singapore’s progressive stance toward emerging technologies such as cryptocurrencies and has established it as a major financial hub in . The Singapore government’s ability to experiment has bolstered this view. For example, the Monetary Authority of Singapore () has been investigating the use of distributed ledger technology for and securities clearing and settlement since late 2016.

Other Singaporean government agencies collaborated to create the platform, which utilizes smart contracts to grant and validate digital certificates for graduates of local educational institutions. Singapore also has additional , such as being an internationally recognised and respected jurisdiction with advantageous tax laws.

New industries

Singapore’s 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 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, 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 and fintech firms. Singapore passed the Payment Service Act in 2019 to keep pace with the rapidly evolving . 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.

This article is not sponsored in any way. Our income comes only from donations, so we don’t depend on anyone. Read more about our journalistic values and how you can support our mission.

Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never money that you can’t afford to lose.