There’s wide agreement that Singapore is among the top crypto hubs in the world. The island city-state overtook the US to lead the world for adoption in Bybit’s World Crypto Rankings, solidifying the number one spot it was awarded in the Henley Crypto Adoption Index last year.
Anyone who’s attended the annual Token2049 event at the futuristic looking Marina Bay Sands won’t be surprised given Singapore’s regulatory clarity, institutional maturity and user engagement.
The seeds of its success were actually sewn in the 1980s when the fast developing nation embraced computerization with its IT2000 plan to become an “intelligent island.” When cryptocurrency began to become popular in the 2010s, the Monetary Authority of Singapore took a more open-minded approach than others and developed 2019’s Payment Services Act.
It helped attract crypto companies and capital inflows from across Asia, including Binance and Crypto.com. One of the standout successes is the homegrown institutional crypto platform Matrixport, founded by the people behind Bitmain.
Welcome to the future in Singapore (Pexels)
