Singapore has made a big splash in crypto investing, announcing that it will for the first time grant formal regulatory approvals to cryptocurrency exchanges, while a number of global economic cities are fighting them.
According to the British newspaper, the Financial Times, the Singapore authorities have agreed “in principle” to allow the Australian Stock Exchange to act as a regulatory provider of digital payment token services.
The ASE is the first provider to gain approval from regulators in Singapore out of 170 applicants, including Global Exchange.
With Singapore's approval, the global cryptocurrency pool will rapidly expand into a Singapore-friendly regulatory environment, in stark contrast to other markets that are taking a tougher approach to the industry, particularly Britain and China.
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This would make Singapore a spearhead in the cryptocurrency market, especially since its economy is largely resource-poor and relies on financial services, which makes Singapore a more attractive commercial center.
According to the newspaper, Singapore has facilitated the work of foreign crypto companies such as setting up offices, serving residents and companies, and tax exemption.
Eric Anziani, COO of Crypto.com believes that “Singapore’s cryptocurrency exchanges are fast-growing, and also good for retail investors.”
As Singapore became a global destination, the cryptocurrency began to make its way in the Gulf countries with official adoption by governments by allowing it to be worked and traded by citizens and investors.
The first appearance of a cryptocurrency was in 2009, and with it many cryptocurrencies emerged, as there are now more than 6000 cryptocurrencies, most notably Bitcoin, Ethereum, and Litecoin.
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