- Acceptance of regulation among the financial institutions has coupled the existing reputation as a financial hub
- Singapore is the second place which is famous for ICOs. Till date there are 234 Blockchain companies in Singapore
- Singapore’s neutrality and legal efficiency has made it a leading regulator for arbitration
Singapore is developing blockchain technology, by both payment systems and for improvement of government regulation. Though China, South Korea, Hong Kong, and Japan had adopted cryptocurrencies, it is observed that Singapore is turning up to be global leaders of the industry soon.
Understanding of Risk by MAS
The Monetary Authority of Singapore (MAS) is the main financial regulatory body. Singapore’s connection with international markets, crypto-friendly attitude and frameworks, and its huge financial market are regulated by MAS. It carefully monitors crypto activities, and uplift the investors and traders about the risk associated with it. The acceptance of regulation among the financial institutions has coupled the existing reputation as a financial hub, and is trying its best to make the country a haven for digital exchanges in near future.
Not only that, MAS also regarded Singapore’s financial sector to provide SGD 250 for the coming 3 years, as the Financial Sector Development Fund, to support the financial industry.
ICO’s and Digital Exchange’s
After Russia, Singapore is the second place which is famous for ICOs. Till date there are 234 Blockchain companies in Singapore. According to CNBC, it is observed that there is a 50% growth for blockchain jobs vacancies from 2017 to 2018 in Asia, particularly pointing towards Singapore. The state has created an environment for entrepreneurs and investors to experiment and collaborate. Apart from regulations the country also provides areas like cyber security, anti-money laundering, fraudulent free economy.
Singapore as a financial host
The State several times acts as a host for many high profile financial institutions, such as fintech, blockchain, and cryptocurrency. It provides the fintech festival, converging several participants around the world.
Few months ago an event held by the Blockchain Association and NexChange group, as the Blockchain week, which once again proved Singapore’s prominent position in Asia.
According to Juwan Lee, Chief Executive Officer of NexChange group, as the blockchain hub Singapore makes that event a crucial part of the next phase of growth of the blockchain industry.
The best point of Singapore is it gives clarity to the cryptocurrency and blockchain economy. Singapore’s neutrality and legal efficiency has made it a leading regulator for arbitration. There’s no doubt, for cryptocurrency matters we can choose to use Singapore’s law, with arbitration in Singapore. Though there are several disadvantages, as the volatile prices of crypto’s have prompted the MAS to repeatedly warn their folk that the crypto economy is not regulated and the funds of investors are not safe.
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