Is Singapore The New Hotbed For Cryptocurrency Startup Projects?

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Singapore is fast emerging as one of the best places to start your cryptocurrency startup or launch an ICO. With bans in China and South Korea holding true to this date, many companies in this space have moved to either Singapore or Hong Kong to launch their ICOs or simply move their cryptocurrency base of operations to these countries.

The landscape in the cryptocurrency sector is fast changing and this city-country has become a good launchpad for many new companies in this sector. Singapore offers the right environment for digital currency companies and platforms to begin operations and thrive. In addition to being the financial hub it is now starting to become the first choice of country for cryptocurrency projects

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Some Indian cryptocurrency exchanges such as Unocoin and Zebpay have registered themselves in Singapore. Infact Zebpay is headquartered in Singapore. This makes it for possible for these companies to providing trading services for people all over by having their base of operations in foreign country where the laws are inclusive.

Environment for business in India is often restrictive and lack of regulations in India has prompted most other startups and exchanges emerging out of India in this space to consider moving their operations to Singapore.

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Singapore has top notch transportation and communications systems in place. But there is some element of risk. Because Singapore nor Hong Kong don’t have any clear regulations in place for cryptocurrencies at this point in time. However, regulations are quite relaxed when it comes to raising investments through ICOs and setting up companies in this space.

Registering a company in Singapore is relatively easy. The fact that the legal and financial system recognises cryptocurrency and blockchain technology as new developments in the space of information and technology makes it easier for any entrepreneur to setup their business in Singapore.

It doesnt matter if the regulations aren’t ready, atleast the government is open to the idea of virtual currencies and is rather welcoming of the entities in this space.

In the recent past Singapore’s central bank has been studying this space and their Deputy Prime Minister Tharman Shanmugaratnam said, ““Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed,”

“If some do succeed, their full implications will also not be known for some time,” the deputy prime minister said in a written answer to questions from members of parliament on banning the trading of bitcoin or cryptocurrency.

“The Monetary Authority of Singapore (MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.”

Some of these positive developments have built a strong case for crypto-startups to move to Singapore and provide services out of this Asian nation.

While countries like China have decided to ban crypto, India remains divided on the subject matter. As some of the biggest countries grapple with the rise and popularity of digital currencies, smaller nations such as Hong Kong, Singapore, Belarus, and Estonia have begun capturing the attention of entrepreneurs in this space as well as their investments.

The next 6-12 months will be very exciting as we go through new launches and ICO releases. Many governments are considering regulating cryptocurrencies or recognising their importance in the world today. Hopefully, countries such as Singapore will keep an open mind and allow trade and business to grow in this space.

Suffice to say, cryptocurrency and blockchain technology is here to stay!