Blockchain in Singapore: A Leading Example in Asia

 

Singapore has long been a financial hub in Southeast Asia, with Singapore’s regulators arguably pioneering economic and regulatory standards in Asia since the early days of the country’s founding 1965. Just as Singapore led the way in financial services in Asia, history is looking to repeat itself, as it is now looking to take over the mantle of being the blockchain hub of Asia.

The Asia Pacific region is currently the fastest growing market for blockchain in the world, according to a recent report by Genesis Market Insights. Ever since the publication of Bitcoin’s whitepaper, people, organisations and governments have taken note of the technology behind the cryptocurrency. With the rise of the value of cryptocurrencies, many have tuned in to observe and participate in the movement taking place before our eyes. People and organisations still rush to get involved and reap the benefits of the revolutionary technology. However, some governments (e.g. China) have taken an aggressive stance on the matter, while others support the technology and embrace the changes likely to be caused. Amongst the countries willing to collaborate with this ground-breaking technology is Singapore, the world’s largest hub for blockchain start-ups.

Some wonder what is driving the growth of blockchain market in Asia and why Singapore is the primary example of blockchain in the Asia Pacific region. According to a report by consulting firm PwC, 82% of executives in Singapore have reported that blockchain initiatives are underway in their organisations. Out of which, 13% have brought the initiatives live and to the market, compared to the global rate of 15%. One of the reasons Singapore is the leading example of blockchain in the Asia Pacific region is due to the nature of the start-ups. They are not confined to cryptocurrencies alone but go far beyond it, by providing an environment where Blockchain technology as a whole has a safe and conducive environment to grow and develop, to explore new markets, making Singapore a favourite for crypto and blockchain enthusiasts.

Compared to the rest of the world, regulators in Singapore are up-to-date and open-minded with their perspectives on blockchain and cryptocurrency. While other parts of Southeast Asia are still in the dark regarding its regulations, the MAS (Monetary Authority of Singapore) has already released its opinion, A Guide to Digital Token Offering, that illustrates the application of securities laws to digital token offerings and issuances.

Regulators everywhere should follow in the footsteps of Singapore authorities by looking to use blockchain technology to boost efficiency and security. Countries like Korea and Japan can only thrive in the region if they establish a clearer regulatory stance.

 

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