The city of Singapore, a well-known global financial centre, would now aspire to become a hub for the crypto market as well. This is what the head of the Monetary Authority of Singapore (MAS) announced in an interview with a local newspaper.
Singapore next crypto hub
“We think the best approach is not to clamp down or ban these things”.
This was said by Ravi Menon, the chief executive of MAS, which regulates banks and financial companies in Singapore.
These days, the MAS is in the process of putting in place precise regulations for the cryptocurrency market and companies in the country.
Menon added:
“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point”.
He went on to reiterate how crucial it is for his country not to risk falling behind in the sector:
“If and when a crypto economy takes off in a way, we want to be one of the leading players”.
The interest in the country for cryptocurrencies is certainly already high. According to a report by research firm TripleA, more than 550,000 Singaporeans, about 9.4% of the country’s total population, already own cryptocurrencies.
The country’s largest bank, DBS, launched a platform for cryptocurrency transactions earlier this year. The regulation that MAS is preparing, according to its CEO, also aims to punish cryptocurrency-related criminal incidents, which are quite widespread in Singapore.
The most crypto-friendly countries
When talking about countries where the cryptocurrency world has more favourable conditions to operate, Switzerland and Malta are always mentioned at the top, but other countries, such as Singapore or Liechtenstein, Kazakhstan, El Salvador, Bulgaria and Ukraine, are also mentioned.
Switzerland is one of the few countries to have already approved clear regulations for the cryptocurrency market. Zug, capital of the canton of the same name, just a few kilometres from Zurich, has long been recognized as a major hub for the crypto world.
In Malta, a law regulating the sector was passed on July 4, 2019, and the small Mediterranean island has long been home to many crypto and blockchain companies.
In Liechtenstein, even the royal family announced months ago that they had invested in cryptocurrencies. The tiny country in the centre of Europe is home to no fewer than 38 companies operating in the cryptocurrency market.
Kazakhstan has become the country to which many Chinese have moved their mining operations after the ban imposed by the Chinese government.
Bulgaria and Ukraine have reportedly bought 213,000 and 46,000 BTC respectively.
Finally, Puerto Rico is said by many to have the most favourable taxation for cryptocurrency companies.
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