Singapore’s Bitcoin gamble sees huge rewards amid monster bull run
The post Singapore’s Bitcoin gamble sees huge rewards amid monster bull run appeared on BitcoinEthereumNews.com.
Bitcoin crossing the $100,000 mark is a global headline, but nowhere is it more celebrated than in Singapore. The city-state, known for its wealth and tech-forward mindset, has been years ahead of the curve in embracing cryptocurrencies. It didn’t happen by luck. A well-planned mix of infrastructure, regulatory clarity, and incentives made Singapore the place for crypto, while others like China and India dragged their feet. According to Henley & Partners, Singapore tops the global crypto adoption index. Tax breaks, regulatory frameworks, and a central bank willing to experiment with a digital Singapore dollar are all part of the game plan. But it hasn’t been all smooth sailing. Back in March 2022, Charles & Keith, a homegrown fashion brand, made headlines by accepting crypto payments. Little did anyone know that this move coincided with the beginning of the Crypto Winter. The collapse of Terraform Labs, run by Singapore’s own Do Kwon, started the avalanche. Things only got worse with the implosion of Sam Bankman-Fried’s FTX. The domino effect shook even Singapore’s largest state-linked entities. Singapore’s resilience in the crypto winter Despite the chaos, Singapore refused to flinch. While others abandoned ship, the Monetary Authority of Singapore (MAS) doubled down on building the infrastructure needed for a crypto future. Over 30 companies, including U.S. giants like Coinbase and Ripple, as well as Hong Kong-based Futu, are now licensed to offer digital token services under the MAS framework. Meanwhile, a survey by the Independent Reserve earlier this year revealed that 40% of Singaporeans are crypto investors. This adoption isn’t limited to the Gen Z crowd. Baby Boomers and Gen X are joining in, helped by the approval of spot Bitcoin ETFs in the U.S. Still, the MAS plays it cautiously. Retail investors can’t buy spot Bitcoin ETFs, and crypto listings remain off-limits. …
Filed under: News - @ December 14, 2024 10:25 am