Singapore has been identified as a key location for a number of cryptocurrency platforms. It’s one of the more progressive, with a well-thought-out regulatory structure in place. Jeremy Ng, managing director of Gemini Pacific Asia, said, “I think having that clarity is quite crucial.”

DBS, the country’s largest bank, launched a digital exchange in 2020, and trading volumes nearly tenfold increased in the first quarter of 2021. In May, it successfully issued a $1 billion digital bond.

“To service both our retail and institutional clients across the entire Asia Pacific, including Australia,” Ng added, Singapore would be used as a platform to extend farther into the continent. In addition, the Singapore government has allocated S $12 million ($8.7 million) to help speed blockchain development.

Singapore as a crypto incubator

Singapore is ranked second in the world for ease of doing business. Crypto companies have been encouraged to set up shop there as well, drawn by the state’s friendly regulatory environment—a stark contrast to the increasingly hostile reception afforded to many crypto firms in Hong Kong, London, and Washington.

central bank digital currencies (CBDCs). They were created by Singaporean blockchain engineer U-Zyn Chua, co-founder of DeFiChain. For the Bahamas’ central bank, he created the world’s first CBDC, the Sand Dollar.

Around 90% of the world’s central banks are currently working on a digital currency. The Monetary Authority of Singapore (MAS), Singapore’s financial regulator, along with the IMF, World Bank, and others, launched the Global CBDC Challenge in June. The project’s goal is to promote innovation and real-world CBDC payment applications.

Singapore is also collaborating with the Bank of International Settlements (BIS) on Project Dunbar, an initiative to investigate governance and connectivity for cross-border payments using multiple CBDCs, which would serve as the foundation for a future international settlement network.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

6 replies on “Crypto haven singapore”

  • Avatar
    November 24, 2021 at 2:03 am

    Wow, marvelous weblog structure! How lengthy have you been running a
    blog for? you made blogging glance easy.

    The whole glance of your site is wonderful, let alone the
    content!

  • Avatar
    November 25, 2021 at 9:25 am

    Hi there, the whole thing is going nicely here and ofcourse every one is sharing information, that’s genuinely fine, keep
    up writing.

  • Avatar
    November 27, 2021 at 9:09 am

    If some one needs to be updated with latest technologies afterward he must be go to
    see this website and be up to date all the time.

  • Avatar
    November 29, 2021 at 12:17 pm

    I like the valuable info you provide to your articles.
    I will bookmark your blog and test again here frequently.
    I am rather sure I will learn many new stuff right here! Best of luck
    for the next!

  • Avatar
    December 1, 2021 at 1:31 am

    Hi there, its pleasant post concerning media print, we
    all understand media is a enormous source of facts.

  • Avatar
    December 2, 2021 at 5:54 am

    Woah! I’m really enjoying the template/theme of this
    blog. It’s simple, yet effective. A lot of times it’s very difficult to get that “perfect balance” between superb
    usability and appearance. I must say you have done a very good job with this.

    Also, the blog loads super quick for me on Opera.
    Exceptional Blog!