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
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.
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!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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What if all govt bans crypto? I keep seeing this question random, more now from south asian people. Tim Draper said in 2016 " smart govt will embrace faster than others" . This is exactly whats happening . Its not the money only but a lot other resources(talents, policies ,technology,educational institutes)are also shifting towards those countries like Singapore.
True that. We'll know come June we'll know as the situation continues to develop. I hope Singapore remains a great choice for entrepreneurs in this space.
Oh very great. Just watch to see how the singapore economy gets better. That country is a lovely place and the people are very receptive. I guess their government is open to startups and they believe in crypto. Many of these countrt placing bans will regret doing that. Cos the hard truth they cannot deny but will have to accept is that cryptocurrency is the future.
Sooner or later, governments everywhere will have to accept that cryptos are here to stay.
I was wondering if at all some country bans the crypto trading, Steemit is something which can still be used and we can continue earning Steem from it. Who knows after an year may be India will open its doors for cryptos.
May be Ambani will make it happen for India with his Jio coin.
I don't think we'll ever see this scenario. Many countries are open to the idea of cryptos and blockchain in general. Jio Coin remains a mystery for now. We might see if India regulates and if Ambanis confirm it. Let's see.
Singapore has always been pretty forward looking so this is hardly surprising! Other major economies will alter their stance as crypto becomes more main stream, cleans up and they see the tax revenues they are missing out on!
True that.
Good information! borther
Your post is upvoted & resteemed by @arvindkumar
Singapore is an advanced country and a democratic country
Very great information really done well
I hope that Singapore will continue to support this currency
Thank you for your comment. :)
It is a natural course for investors to get to swing their attention to a country of such stature especially after the rejection of China and Co.
Cryptocurrency is a future
I have been reading on Singapore, Dubai and even other cities are experimenting with crypto. It would be too early to say anything for sure but we can all the see the direction this train has taken.
On their part these cities have made the right choice to give crypto's a chance. Lets hope for the best.
Absolutely. Atleast they are open to the idea and that's a good start for this industry!
Singapore govt is quite mature when it comes to matters of money and bringing ease to business. Having a startup in India I can definitely say ease of doing business here is just good for books and have nothing to do with reality.
True that man. I've been self-employed for 6 years now. It's not easy if you've got to do something that involves government agencies.
Great article. Asia will be a central of cryptos developtment in the future. I have voted you as my witness @firepower. From @rikaz87.
Countries who ban cryptocurrencies fears that the control of money will no longer be in their control and they want to be printing fiat at their command. They want it centralized.
Cryptocurrency gives one an advantage and freedom to own money that the government have no control of.
Singapore, Hong Kong and Malta have faith in cryptocurrency and hence reasons for allowing it
That's the way to go about it really!
Singapore is a leading financial hub so this is not surprising, but still kudos to them for taking the lead.
Compared to other countries, our so called rulars and systems have not possess the very progressive thought. All are very traditional ,they every time advertising about digital system, but in reality very hollow one. Thanks for the valuable information, the progresive economy always welcome the new system like crypto world. Let's hope for the best in future, how are you, and your health? Wish you good luck and happiness.
I'm doing fine. thank you. :)
Our political leaders are regressive and will only step in to do anything if their parties benefit out of it. I wouldn't call them rulers as they don't rule us! They are just dictators!
sooner or later,whole world will have to accept the crypto. They are just afraid of new things.Just like said by the many....Olds are afraid to change. We have to follow it up. Dubai is launching its own crypto in 1/2 years. And singapore really looks lucrative place.
Very amazing photography Thanks for sharing I like it your post.. @lakey123
@firepower i litrealy had no idea that "Zebpay is headquartered in Singapore" and really though singapore is small in area but it is farmost one of the fastest technology accepting country,,in coming future singapore gonna be the centre of crypto curriences.....
True. Many companies are planning to go this way. More on that later. :)
Without a doubt, they seem to have Crypto events almost every weekend too.
Then Singapore is a country for the poor to become rich when investing on crypto . expecialy the steemian
Soon Singapore will become a global hub for cryptocurrency. China, South Korea and India will soon regret.
True. It's a pity that the citizens will suffer. This is a new arena for employment opportunities as well.
Good to hear about Singapore @firepower. I hope they do let it flourish without restrictions. This is all a gradual Process but I think you are right...Crypto and blockchains are here to stay ;)
They are indeed! :)
Well I dont understand when people saying Govts banning cryptocurrency. I dont think Govt can ban crypto. A Govt can stop exchanges from functioning and also stop transactions between fiat and crypto. Can a Govt ban cryptocurrency altogether?
No it can't ban. Just stop people from buying/selling via legal channels. Not possible to control p2p channels as they are untraceable.
I'm sad we don't get to chit chat anymore - both too busy :(.
I'd really love to share the video I posted today, though! Just thought you'd really like this one, friend. A gentle originals song. https://steemit.com/openmic/@kayclarity/6knge4gn
Hope you're well. I still want to make it to India one day! :)
Rather than blogging an cryptocurrency news your personal life experience stories are awesome bro 😍
Thanks dude. However, Indian market news are very relevant to majority of users from India. It's not possible to write experiences from my life in detail everyday. I usually write about things I feel strongly about whenever I sit to work.
Oh! Superb 😊! When next Meetup going to held in Tamilnadu or Karnataka??
Asia has been a market that has always been supportive of digital currencies. It is an encouraging push for all in the cryptocurrency industry to see that the Singaporean government is keeping an open mind about this. Blockbasis would encourage other governments to follow suit.
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