Singapore to become the global crypto center

The Singaporean government is paving the crypto-friendly path to transform the country into the global crypto center.

Ravi Menon, the head of the Singaporean central bank, outlines the explosive potential of digital assets: “Crypto-based assets are the investments in a prospective future; meanwhile, the upcoming future has an unclear shape as of now.”

Singapore is among the most crypto-friendly jurisdictions with a legislative framework and taxation system adjusted to the fast-growing sector. The Singaporean Monetary Authority (MAS) aims to upgrade security measures to attract more crypto-related businesses and investments.

The Payment Services Act adopted in January 2020 was a life-changing step for the Singaporean economy. Since the adoption of the law, more than 170 crypto-related companies have sent their applications to stay under the Singaporean legislature.

While talking about the country’s statistics – about 16% of Singaporean residents aged over 18 hold digital assets. Singapore occupies 6th place in the global ranking according to the rate of crypto adoption. As for the crypto preferences, 66.7% of Singaporean holders store Bitcoin, 52.4% of holders keep Ethereum, and 23.0% of crypto fans stake in Cardano. The top-5 list includes Binance Coin and Dogecoin assets as well.