The city-state of Singapore has often been regarded as an economic powerhouse in the Asia Pacific region. Since the nation’s independence, Singapore has transformed itself from a rural backwater to the economic miracle that it is today.
Widely regarded as the Jewel of Asia, what Singapore lacks in size, it makes up for in innovation and economic strength. Leading its neighbors in terms of healthcare, economic growth and technological innovation, it should hardly come as a surprise that Singaporeans have long been a financial hub in this part of the Asian region with Singapore being the first stop for international banks and MNCs looking to get a foothold.
Hence it should come as no surprise that Singapore has been dubbed as the Switzerland of Asia on more than one occasion.
With the unregulated nature of cryptocurrencies being a massive part of their appeal, it can be seen why many governments are reluctant to embrace cryptos. However, the fact of the matter is that cryptocurrency and blockchain technologies represent the way forward. From allowing transactions to be made anywhere around the world by anyone with an internet connection, the appeal of cryptocurrencies is as clear as day.
Now with cryptocurrency rising in popularity and adoption rates skyrocketing, the Singaporean government has taken steps to ensure their place in the future. The Monetary Authority of Singapore or MAS unlike its counterparts in other nations have recognized the value of cryptocurrency in Singapore’s future.
Evidence of this can be seen by the Singaporean government’s willingness to adopt cryptocurrency technology. Take the example of the MAS’s collaboration with numerous international banks and blockchain tech firms to tokenize the Singaporean dollar with an Ethereum blockchain. In a time where other governments have pondered on the value of cryptocurrencies, Singapore is in fact miles ahead of everyone else.
The country is also home to one of the largest crypto exchange platforms: BitMax. Being autonomous and decentralized, BitMax is community based and its revenues are distributed through the token holders. However, it is not the only exchange registered or headquartered in Singapore. There are many others, such as Triple Dice Exchange, Coinbene, Coinut, COSS, DragonEX, ExcambioRex, Coinhako, UEX, Cointiger, Kryptono, CRXzone, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, Bytex, Kyber Network, Cryptology and Liquid.
Consensus Singapore 2018 sent a clear message to crypto entrepreneurs and pundits; Singapore is the place to be for all fintech and crypto related activities. With a stable government partial towards cryptocurrencies and a formidable finance and tech industry it is clear to see that the stage is set for Singapore to assume its place as the world’s cryptocurrency hub.
In fact, China’s negative attitude towards blockchain technology, cryptos and all the related Bitcoin news, have proven to be a godsend for the island nation. Perhaps fearful of the lack of control afforded by cryptocurrencies, China banned the trading of Bitcoins and other cryptocurrencies outright which saw many businesses moving their enterprises elsewhere.
However, with the South Korean government’s move towards enacting various regulations and bans at several points last year and with Hong Kong’s proximity to China, it is understandable to see why many companies may choose to make the move to a more “accepting” location such as Singapore.
As the rest of the world stumbles and scrambles to make sense of the cryptocurrency explosion, it would appear that Singapore has the right infrastructure to capitalize on this. However, it remains to be seen how other nations and governments will cope in this brave new world.
This is a press release. Trustnodes has not undertaken any verification of any of the above statements and any statement or project contained therein is not necessarily endorsed by Trustnodes. Readers are strongly urged to do your own research.