Cryptocurrency and Singapore… a match made in heaven? South Asia’s most prominent city-state is held as a torch bearer in the area of healthcare, education, tourism, finance and technologic innovation. Cryptocurrency adoption has followed suit. Read on to find out more about the ins and outs of this jewel of Asia’s crown and its march toward crypto-superiority.
Singapore is the first stop for foreign companies in crypto
There are a number of cryptocurrency friendly regions in Asia such as Japan, Thailand and China. These regions have strong claims to be front runners in the development and adoption of cryptocurrency. But Singapore is carving out its own place in the crypto-sphere and looking to move to the forefront the industry on a global scale.
There are many companies all over Asia, as well as in the West, that have already made moves into the country. Check out the big hitters below that have rooted themselves in Singapore:
TenX – makes cryptocurrencies spendable in real life by offering multiple cryptocurrencies to be spent through a debit card to use anytime anywhere.
Qtum – provides a Turing-complete blockchain stack, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain.
KyberNetwork – is a system which allows the exchange and conversion of digital assets by providing rich payment APIs and a new contract wallet that allow anyone to receive payments from any token.
Wanchain – seeks to create a new distributed financial infrastructure, connecting different blockchain networks together to exchange value.
aelf – is a decentralized cloud computing blockchain network.
Enjin – is a gaming CMS platform which also has Enjin Coin (ENJ), a customizable cryptocurrency and virtual goods platform for gaming.
Zilliqa – is a public blockchain platform designed to scale to thousands of transactions per second.
These are only a few of the massive cryptocurrency platforms that see Singapore as a space of opportunity. So what brings the biggest crypto platforms to this area?
Crypto is thriving due to regulator openness
A key draw is that the Monetary Authority of Singapore (MAS) which takes a very practical approach to crypto. Currently, MAS divides digital tokens into utility tokens, payments tokens, and securities. In Asia, only Singapore and Thailand currently have such detailed classifications.
The MAS has no plans to regulate utility tokens, which allow users to access a company’s product or service.
Add this to proactive state measures to develop the crypto space and the opportunities within its boarders are massive . For example, Singapore’s central bank recently joined forces with the city state’s stock exchange and three technology partners to develop a system for the settlement of digital tokens across different blockchain platforms. That forms part of the authority’s initiative called Project Ubin. This project makes use of blockchain technology for the clearing and settlement of payments and securities.
According to MAS,
Project Ubin is a collaborative project with the industry to explore the use of Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. DLT has shown potential in making financial transactions and processes more transparent, resilient and at lower cost. The project aims to help MAS and the industry better understand the technology and the potential benefits it may bring through practical experimentation. This is with the eventual goal of developing simpler to use and more efficient alternatives to today’s systems based on digital central bank issued tokens.
Cryptocurrency and Singapore – final thoughts
Singapore is developing an ‘all-in’ cryptocurrency culture and is proving to be one of the most exciting actors in the space. I’ll be keeping an eye on the development in this region and maybe…just maybe…it may serve as a blueprint for the future of blockchain on a national and transnational context.