Many enthusiasts immediately think of Switzerland when looking into crypto friendly locations. The tiny island nation of Singapore, however, is making its own moves up the ranks. Such an official ranking system doesn’t actually exist of course, but that hasn’t stopped several opinion lists from appearing online in recent months. Expect “blockchain Singapore” to be two words you hear more often as the country looks to make its mark as a leader in the cryptocurrency field.
Cryptocurrency Startup Culture
Despite its size, Singapore is well respected in many areas for its progressive values. It ranks particularly high in the fields of banking and technology. But perhaps more importantly, it has remained open to new ways of doing things.
In an area where other large economies like the US and China have fallen behind, due mainly to over-regulation, it’s no surprise then that a large number of blockchain startups are making their home here in the Asian south.
Exit Stage Right
While the US has not gone so far as to remove cryptocurrency investment outright, China took that step late last year by banning initial coin offerings (ICOs). According to leaders in Beijing, ICOs are now defined as illegal fundraising tools because of the increase in cryptocurrency fraud. To illustrate this, a recent study by ICO advisory firm Satis Group concluded that as much as 80 percent of all ICO’s in 2017 could be identified as scams.
Now whether or not that number is accurate is anybody’s guess. The industry is so young that it’s wise to take any research with a grain of salt. But one thing is for sure, a clear trend is emerging. The number of blockchain startups moving to crypto friendly locations is on the rise. Both Hong Kong and Singapore have already absorbed many startup relocations and more are likely on the way.
Due to its proximity to the mainland, similarities in culture, and more importantly open-mindedness to change, Singapore will remain a hot spot for digital currency talent. Some of the most well-known names in blockchain now call Singapore their home and include the likes of TenX, Qtum, Kyber Network, Wanchain, and Zilliqa to name a few.