Reports show that Singapore shows that it is going to prove as a hub of the global crypto industry amid China crackdown on crypto mining & firms.
In the present time adoption of crypto is increasing but there are also many countries which are imposing high restrictions on the crypto firms to avoid any kind of associated risks because of Crypto adoption. Recently China halted all kinds of crypto operations like mining & trading platforms and also encountered all the websites which were related with the crypto informations like Coingecko & Coinmarketcap, even e-commerce websites stopped the selling of crypto mining equipments & related contents products from their platform to follow the crackdown of China.
But still even under such circumstances of crypto rush, Singapore shows huge inclination towards the crypto & blockchain technology through better rules & regulation because of the increasing demand and opportunities which are associated with the Blockchain technology.
Loo Siew Yee, assistant managing director at MAS, stated earlier from this perspective and added
“Technologies that underpin crypto products and digital tokens have the potential to power the new generation of financial services,”
If we look in the past, then we can see that Singapore always gives opportunities for financial infrastructure evolution & advancement. Singapore didn’t only recognise Crypto’s benefits but it provided suitable legislation.
If we look at the strictness of the digital assets based crypto license, then we can see that only 20% of the crypto related services got rejected to get approval from the MAS. While other crypto firms got license easily because they followed the rules of Anti Money Laundering and other necessary simple rules to ensure the safety of the investors.
Crypto legislation & rules should always remain friendly toward the country and firms otherwise, we have to see the situation like South Korea, where more than 34 crypto Exchanges ordered to halt their operations.