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From its humble beginning as a maritime outpost to a well-documented financial powerhouse, a new study by ApeX Protocol has named Singapore a crypto industry titan.
The study’s report shows that the rapidly industrializing city-state with a GDP growth above 9.2% in its first 25 years of existence has consistently used blockchain in different sectors of its economy.
The study by the decentralized exchange (DEX) ApeX Protocol, which specializes in derivative trading, evaluated different countries using three core metrics: blockchain patents, jobs in blockchain, and the number of crypto exchanges.
The Study Gave Singapore the Highest Score of 85.4
According to the results that named Singapore a crypto industry titan, the United States stood out for dominating the blockchain research, innovation, and job creation categories. In contrast, South Korea stood out in blockchain patent activity, an indication of the country’s commitment to technological advancement.
The study noted that “Singapore is first as a global hub for blockchain innovation, excelling in both adoption and infrastructure development.” Moreover, the city-state boasts some 1,600 blockchain patents and at least 2,500 jobs related to blockchain and 81 crypto exchanges, which gave it the highest composite score of 85.4.
The Study by ApeX Protocol went on to list Hong Kong as the second country in terms of blockchain and crypto technology adoption, with over 1,100 blockchain-related jobs and a high number of cryptocurrency exchanges. The governments of Estonia and Switzerland also came ahead of the United States, scoring a higher composite store than the leading economies in the world.
While Estonia was among the smallest countries included in the study by Apex Protocol that named Singapore a Crypto industry titan, the nation has over 149 blockchain-based jobs, 95 blockchain patents, and over 52 cryptocurrency exchanges.
The Islands Success Story Starts Way Before Bitcoin
While Apex Protocol may have used its parameters to find Singapore, a crypto industry titan, the island nation’s story precedes Bitcoin. The country that became independent in 1962 had leaders with foresight who had long recognized the power of technology many years before blockchain technology emerged.
From as early as the 1980s, Singapore was already laying down a framework for its IT200 master plan that envisioned an “intelligent island” wired into the future while other countries were still grappling with simple computerization.
Singapore Doesn’t View Crypto with Suspicion
The city-state’s dalliance with technology set the stage for the island to be prepared for blockchain and cryptocurrency technologies when they finally hit the stage. As the cryptocurrency wave started swelling worldwide in the mid-2010s, regulators in Singapore didn’t just coil back in fear or clamp down on innovators.
Rather, the leadership identified an emerging opportunity that paved the way to eventually become a vanguard that would ultimately make Singapore a crypto industry titan just a few years later.
Unlike other countries, the Singaporean regulators didn’t view cryptocurrencies with suspicion as the state’s Monetary Authority of Singapore (MAS) received the emerging technology with an open-minded stance. The nation’s crypto rules may not be considered lax, but they are crystal clear under the 2019 Payment Services Act.
The unambiguous futuristic crypto regulation is way ahead of what you could ever see in any other jurisdiction now and into the future, considering that they also delve into the areas of CBDCs (Central Bank Digital Currency).
Conclusion
The naming of Singapore a crypto industry titan globally highlights the island nation’s emerging technological and regulatory environment. The city-state’s futuristic approach has enabled it to strike a delicate balance that supports innovation while maintaining strict standards that make it a trusted financial hub. While the study by Apex Protocol may have focused on crypto and financial applications, the nation’s involvement with blockchain extends to several other spheres as well.
Frequently Asked Questions (FAQs)
What makes Singapore thrive in the crypto space?
The country has emerged as a leading crypto-centric nation in the world. It offers a 0% capital gains tax for individual investors, which has attracted many blockchain and crypto investors.
Can investors relocate to Singapore and enjoy tax benefits?
The tax benefits offered by the state have made many investors and entrepreneurs relocate. Moreover, the state provides foreign citizens options to become residents and employment passes for workers earning over $5000 a month.
Are cryptocurrencies legal in Singapore?
Yes, crypto is legal in Singapore. In fact, the country actively encourages the growth of the digital asset ecosystem.
