SINGAPORE: Despite some setbacks, Singapore may emerge as the best crypto hub around the globe today.
Gemini, the cryptocurrency exchange platform co-founded by Cameron and Tyler Winklevoss, announced on June 19 that it would be expanding its Singapore headcount to 100. And earlier this month, Crypto Expo Asia, held at Marina Bay Sands, saw over 10,000 attendees from over 80 companies from over 30 countries.
Also, Singapore got the most mentions from industry professionals who participated in a survey conducted by CoinDesk for the best crypto hub. The elements that go into a strong crypto hub can be found in Singapore, including the highest rating in the world for digital infrastructure and a high ranking on the World Bank’s Ease of Doing Business index.
Singapore has also bested Hong Kong as the most competitive fintech hub in the Asia Pacific region, the 2023 Global Financial Centers Index says. This does not mean there have been no sore spots as the industry has grown.
In July of last year, crypt fund Three Arrows Capital Pte Ltd (3AC) collapsed amid the downturn of digital currency around the world. And in November, sovereign wealth Temasek announced that it had decided to write down its full investment of S$377 million in failed crypto exchange company FTX after it filed for bankruptcy earlier that month.
Nevertheless, industry experts believe the cryptocurrency future in Singapore is bright.
On June 26, the Financial Services Authority (FSA) of Japan, the country’s financial regulator, said it was partnering with Singapore’s Central Bank, the Monetary Authority of Singapore (MAS), for joint regulation and testing of cryptocurrency projects under MAS’ “Project Guardian.”
And on June 21, San Francisco-based fintech and crypto solutions company Ripple said it had received in-principle regulatory approval from MAS to operate in the country. /TISG