The richest country in Southeast Asia has reportedly become the global leader in crypto adoption.
Citing data from consultancy Henley & Partners, Bloomberg reports that Singapore is beating all other countries in embracing cryptocurrencies with the necessary infrastructure and rules the nation built for the digital asset industry.
Singapore now has about 30 payments firms, including US-based Coinbase and Ripple and Hong Kong-based Futu that are licensed to provide digital token services by the central bank and financial regulator, the Monetary Authority of Singapore (MAS), which is also experimenting with a digital Singapore dollar.
The city-state is also implementing tax incentive schemes for crypto while other Asian nations, including powerhouses China and India, are moving slowly out of the abundance of caution.
Bloomberg says the Gen-Z and Baby Boomers also increasingly accept that crypto transactions can become mainstream following the US approval of crypto spot exchange-traded funds (ETFs).
The result of the crypto exchange Independent Reserve’s survey earlier this year likewise shows that about 40% of Singaporean investors own crypto.
The report says Singapore will likely benefit from its bet on digital assets as Donald Trump’s successful bid to return to the White House promises an era that will support the crypto rally. The price of Bitcoin (BTC) breached the six-digit mark following Trump’s win in the November presidential election.
Bitcoin is trading for $105,281 at time of writing.
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