We’ve begun to see a physical shift of projects to Singapore, as it is attractive not only because of a favorable business climate due to taxes but also the rule of law and certainty of business continuity. Held in Singapore, the conference attracted over 7,000 participants including venture capitalists, financial institutions, and crypto, DeFi and infrastructure projects to discuss the future of crypto and facilitate new and ongoing developments. Singapore’s strength in coalescing professionals in the financial sector was highlighted through the TOKEN2049 conference. Initiatives were introduced to enable institutions to explore decentralized finance (DeFi) applications and the concept of a digital Singapore dollar through Project Ubin, Project Orchid, and Project Guardian. ![]() Efforts have been continually made to achieve a delicate balance between encouraging blockchain innovation and protecting investors from the risks of participating in a promising but nascent market. In November 2021, the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulatory authority, shared Singapore’s ambitions to become a hub for sound and well-regulated digital assets with value-adding use cases. Through intentional policy and regulatory efforts made in 2022 and prior to lay the foundations for this year, Singapore’s approach to crypto may serve as a blueprint for other nations looking to leverage key stakeholders for industry growth and build effective use cases for their wider financial markets. While this may mean hampered retail participation, this approach provides much-needed clarity for businesses from the perspective of policy that is still relatively rare in the rest of the world.Īs a reputable financial center on the global map, Singapore’s efforts remain steadfast in maintaining its lead in the space. Singapore seeks to leverage accredited investors and institutions that have sufficient assets and expertise to participate in this high-risk environment, especially in early development stages. ![]() Inherent in this strategy is the intentional facilitation of certain aspects of growth, alongside the limitation of other facets. Singapore’s intention to become a global crypto hub will see greater realization this year by developing as a particular kind of hub: one geared toward institutional and industry participation.
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