They should be soft on their regulations since there have been crypto companies that were operating on their country but IIRC, already left because of it.
One bitcoin hub that hasn't fully adopted bitcoin as legal tender and showing its potential right now and being liked by these companies is Dubai. Well, I'm sure Singapore is a go-to country for most companies but they have to adopt as well and change some ruling for them to be friendly to these companies.
Topic: Singapore to unveil plans to becoming a Bitcoin hub - page 3. (Read 467 times)
Before a country attain the status quo of a Bitcoin city like El Salvador it means the have not just legalized bitcoin but also made it a legal tender and in the case of Singapore regulations will be their biggest limitations. Going by the statistics of Triple A only 12% sees Bitcoin as a monetary tool meaning the Hub Singapore intends to build will only favor investors and traders
Singapore will surely have a strict regulations with regards to this, though its good since they are open for foreign investors and maybe, they finally become a safe haven for cryptocurrency. Some crypto companies are already based in Singapore, they are open to this as long as they follow the rules. If Singapore will consider Bitcoin as a legal tender, then that could change everything.
Singapore will not want to be left behind in the bid to becoming a world class Bitcoin hub and I feel it would be a bit difficult because although they are a Bitcoin friendly country, they have been ravaged by the deadly coronavirus and has affected the growth of their economy.
The country has been like an umbrella to companies who have been hiding under regulatory barriers in their state.
The Monetary Authority of Singapore have stated their intentions of making the State worthy of being called a hub for crypto investors and make it safe for trader to function without them being scared of losing their coins.
A move to releasing a new regulatory plan by MAS against crypto firms are set to begin next month and although there have been stricter regulations prior, the country seemed to have recorded a massive 82 deals with a combined worth at $1.48 billion dollars in 2021.
According to TripleA, 82% of the country's 5,230,000 that own BTC hold it, while 39% see it as an investment assets, 25% see it as a store of value and a small 12% see it as money. triple a link
With a highly developed economy, ranked as the most open in the world and amongst the least corrupt. With all this positives going for them, can they attain the status of being a BTC hub and even becoming a BTC like El Salvador? https://bitcoinmagazine.com/markets/singapores-central-bank-to-release-bitcoin-crypto-regulation
The country has been like an umbrella to companies who have been hiding under regulatory barriers in their state.
The Monetary Authority of Singapore have stated their intentions of making the State worthy of being called a hub for crypto investors and make it safe for trader to function without them being scared of losing their coins.
A move to releasing a new regulatory plan by MAS against crypto firms are set to begin next month and although there have been stricter regulations prior, the country seemed to have recorded a massive 82 deals with a combined worth at $1.48 billion dollars in 2021.
According to TripleA, 82% of the country's 5,230,000 that own BTC hold it, while 39% see it as an investment assets, 25% see it as a store of value and a small 12% see it as money. triple a link
With a highly developed economy, ranked as the most open in the world and amongst the least corrupt. With all this positives going for them, can they attain the status of being a BTC hub and even becoming a BTC like El Salvador? https://bitcoinmagazine.com/markets/singapores-central-bank-to-release-bitcoin-crypto-regulation
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