Chapter 34Singapore
Singapore is a major financial center and shipping hub and has the tenth‐highest GDP per capita. It has emerged in a short period as a global cryptocurrency hub amid its favorable regulatory and tax infrastructure and by utilizing blockchain technology in many areas of its economy.
Blockchain Adoption: In a statement, the Monetary Authority of Singapore (MAS) said that while it “strongly encourages” blockchain technology development and innovative crypto use cases, cryptocurrency trading is “highly risky and not suitable for the general public.” As such, cryptocurrencies should not be portrayed “in a manner that trivializes the high risks of trading” them. Singapore utilizes blockchain technology in the finance, energy, and shipping sectors.1
Crypto Adoption: At the end of 2021, 43% of the population owned cryptocurrencies. MAS has been selective in issuing licenses to cryptocurrency businesses, with a large number of applicants failing to receive licenses to operate in the country. Retail investors can trade cryptocurrencies on a multitude of crypto exchanges, including Coinbase, Kraken, FTX, Bybit, KuCoin, Vauld, Independent Reserve, Gemini, Coinhako, Tiger Brokers, Futu's Moomoo, and Syfe.
The SIX Digital Exchange—a sister company of SIX Swiss Exchange, which operates Switzerland's national stock exchange—announced a partnership with SBI Digital Asset Holdings, a division of Japanese banking and financial services giant SBI Group, to establish a crypto ...
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