Local market participants are nonetheless confident in Singapore's crypto hub potential. Read more: Singapore Minister Seeks Uniformity for Crypto, TradFi Regulationįurthermore, the MAS has expressed reluctance for retail investors to be involved in crypto, and has banned crypto companies from directly advertising to retail customers, and several crypto firms that once saw the city-state as leading the way in regulation have since decamped to places like Dubai and Abu Dhabi. “If you have to think about regulating crypto the same way we regulate banks, insurance companies, and so on - for prudential reasons, for financial stability reasons - I think we’ve got to take a step back and ask the basic philosophical question: does that legitimize something that’s inherently purely speculative, and in fact, slightly crazy?” the minister said. Speaking at a panel discussion at the World Economic Forum held in Davos last month, Shanmugaratnam said that there should be “one regulatory system” for both crypto and traditional finance. Read more: Singapore Continues Slipping in Global Crypto Rankings as Malaysia Closes In Image credit: Coincub Ready or notĭata may place Singapore in 4th or 5th place on global crypto rankings but just how crypto-ready is it? After all, Singapore is taking a rather cautious approach to crypto. Singapore also slipped from third place to fifth in Coincub’s Q3 Global Crypto Rankings whilst Malaysia ranked just behind Singapore in 6th place – a significant jump from its Q2 position of 43rd. Banks are required to hold S$125 of capital against an exposure of S$100 to risky cryptocurrencies. Senior Minister and Minister in charge of the Monetary Authority of Singapore Tharman Shanmugaratnam said Singapore banks had to limit their exposure to cryptocurrencies. Read more: SG is World’s Most Crypto ‘Business-Friendly’ But Banks’ Bitcoin Exposure ‘Insignificant’ In November, Singapore was ranked the “world’s most business-friendly crypto country” despite banks taking a more reserved approach to the asset class. Hong Kong – where retail trading was curbed until recently – has only 16% ownership, 251 crypto companies and 607 people working in the industry. However only 0.29% of GDP was spent on crypto R&D last year. Some 25% of people own crypto in the city-state, which is praised by Recap for not requiring investors to pay capital gains tax. Recap's criteria for a "top crypto hub" include:Īccording to Recap, Singapore has over 1,100 people working in the crypto industry with over 800 crypto-based companies in the region. Regional rival Hong Kong sits in 7th position, while neighbouring capitals Bangkok is 10th and Kuala Lumpur props up the top 20. Leading the pack is London, followed by Dubai, New York City and then Singapore. In its latest research paper titled "The Rise of Crypto Hubs: Which Cities are Leading the way in Cryptocurrency Adoption?" the firm listed the top 50 crypto hub cities. Singapore has been ranked as the 4th most crypto-ready hub globally, according to a report by crypto tax software company Recap.
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