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Singapore records a 13x increase in crypto firms

Singapore

TL; DR Breakdown

  • Singapore sees a 13x surge in crypto investments
  • The country is encouraging small startups
  • Regulators are clamping down on the crypto sector

Crypto and firms in the sector have continued to permeate across the economies of different countries. This has been heightened by the increase in the price of digital assets across the years, forcing people to enter the market. However, as per a KPMG report, Singapore has been one of the countries with the largest share. Going by the report, the country has seen a growth of more than times year. This time frame has seen the country record a massive $110 million raise from 2020.

Singapore is encouraging small startups

Going by the report, the state has been seen as one of the biggest hubs for the use and trade of digital assets. One of the reasons this is happening is that the government wants to control the capital market. Some months ago, the country announced a special purpose listing framework. This has put it in pole position as the go-to area for firms and companies in all sectors. However, regulators in Singapore have been working twice as hard to regulate digital assets and the sector. The KPMG report also noted that the crypto sector of Singapore would continue to blossom despite regulations springing up in the sector.

Regulators clamp down on the crypto sector

Some months ago, the central bank of Singapore instructed all firms in the crypto space to quit advertising products and services to people in the country. Also, the country has not yet seen a licensed crypto exchange as most of them have failed the licensing test. The report also spelled out that most of the crypto firm’s services didn’t focus on products but rather on software. The Crypto sector also contributed a ton to the total growth across the Fintech sector in Singapore, growing $3.94 billion. Investments in the sector also climbed as high as $27.5 billion last year.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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