A highly educated workforce and institutional fintech know-how have been a potent mix for Singapore, ranking it No. 2 on CoinDesk’s inaugural CryptoHubs2023 ranking.
, edging out Hong Kong, and a regulatory leader for crypto. In 2020, the Monetary Authority of Singapore passed the Payment Services License Act. “There were all these companies that were all rushing to Singapore to apply for the license because it was actually the first regulator in the region that had a proper digital-assets licensing framework,” said Pamela Lee, head of APAC sales at Talos, developer of institutional-grade technology for digital-asset trading.
Until the current Crypto Winter, Singapore was a magnet for a stereotypically brash strain of crypto celebrity culture and lifestyle. That world centered on the wealthy enclave of Sentosa Island, which Somosundram calls “Crypto Island.“ Sentosa is the only place in the city-state where foreigners can own property, and wealthy expats have flooded in. Sentosa’s inhabitants have included Chengpeng “CZ” Zhao, founder and CEO of Binance, and crypto thought leader and U.S. investor Balaji Srinivasan.
The residents of Singapore come from around the world, with roughly 30% of the population non-citizens, or expats. “Singapore’s years of being a fintech hub attracted talent from all over the Asia-Pacific region,” Chen said. “We find it’s reasonably attractive to find good talent here.” Indeed, Chen said his 40 employees represent eight different nationalities.
As Singapore resets itself, both the MAS and crypto investors are a little more wary than before. The government-owned conglomerate and VC, Temasek Holdings, reportedly wrote off $200 million in losses to Sam Bankman-Fried’s now-defunct FTX. While Chen said Singapore is maintaining its commitment in terms of promoting blockchain, he acknowledges that there is tightening on the banking side, with more attention paid to know-your-customer and anti-money-laundering measures.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Casa CEO on Ethereum Expansion, Future of Crypto Self-CustodyCasa, a popular crypto self-custody firm historically focused on the Bitcoin blockchain, added support for Ethereum this week. This comes as the recent crypto crash has pushed many users away from centralized exchanges and called for the importance of securing and owning your crypto. Casa CEO Nick Neuman shares insights into the rollout and the case for self-custody.
Read more »
Crypto adoption in Cyprus beefed up by ByBit license approvalWhen one 🚪 closes, another 🪟 opens: While Binance is set to leave Cyprus, ByBit scores a crypto license; joenakamoto reports.
Read more »
First Mover Americas: Bitcoin Retreats Slightly From 12-Month HighBitcoin has slid about 3% after rallying to a one-year high on Friday above $31,300. NEAR Protocol's NEAR token has rallied 10% on the day as the Foundation said it would partner with Alibaba Cloud. LedesmaLyllah and godbole17 report
Read more »
Exodus adds Bitcoin-backed stablecoin Sovryn Dollar to its balance sheetCrypto wallet provider Exodus has added Bitcoin-backed stablecoin Sovryn Dollar (DLLR) to its balance sheet.
Read more »
Coinbase provides crypto miner Hut 8 with $50 million credit facilityCrypto miner Hut 8 has snagged a $50 million credit facility from Coinbase Credit.
Read more »
Binance withdraws license application in AustriaCrypto exchange Binance has withdrawn its license application with the Financial Market Authority of Austria.
Read more »