Singapore recorded massive growth in crypto-related investments

[Lens1000]

Singapore recorded a tremendous growth in its cryptocurrency investments. This showed how informed the Singapore is in cryptocurrency. According to KPMG's Pulse of Fintech report, Singapore saw a tenfold growth in crypto-related investments totalling $1.48 billion last year, up from $110 million in 2020.

The research showed that Singapore is well known as hotbed for crypto-related activities, with over $1.48 billion in investment completed just last year. Efforts are in top gear to effect the cryptocurrency regulation, which is expected to take effect in the offing.

The major factor that contributed to the growth of cryptocurrency investments in Singapore is the regulatory scrutiny option taken by the government as opposed to the ban option instigated by the critics.

Regulators are stepping up efforts to regulate speculative digital assets this year. KPMG predicts that Singapore's crypto investment would continue strong even as authorities apply even more restrictions.

According to KPMG, fintech investment in Asia-Pacific reached a new high of $27.5 billion in 2021, with total funding exceeding $17.4 billion in the second half alone (compared to $11.5 billion in 2020). Venture capital funding reached $19.6 billion in 2021, up from $11.5 billion in 2020. The analysis given, showed a tremendous growth in the cryptocurrency industry in Singapore and this value is expected to be surpassed this year.

What's your contribution on this?

 

[eldavis]

Good move by the government here, this is so much better than having crypto currency completely ban from the country. I believe this would also attract more foreign investors to the country as well.

 

[HayKay]

This is a massive jump - I mean well over 1000% increment and that's great news for users in that country and the crypto community at large.
I've noticed that the largest acceptability of cryptocurrency is in Asia and I'm beginning to wonder if the other Western economies would be left behind because cryptocurrency would definitely grow in value as it's acceptability increases.

 

[Lens1000]

This is a massive jump - I mean well over 1000% increment and that's great news for users in that country and the crypto community at large.
I've noticed that the largest acceptability of cryptocurrency is in Asia and I'm beginning to wonder if the other Western economies would be left behind because cryptocurrency would definitely grow in value as it's acceptability increases.

Singapore is known to be a crypto hotspot. The figure of the cryptocurrency investment recorded depicted that there is a massive growth in the crypto community and investment in Singapore. The regulatory scrutiny that will be put in place by the government will further skyrocket the industry because many financial investors would want to jump on it.

 

[Lens1000]

Good move by the government here, this is so much better than having crypto currency completely ban from the country. I believe this would also attract more foreign investors to the country as well.

The truth is that cryptocurrency regulation would restore confidence on so many financial investors and it may cause an increase in the number of cryptocurrency users. The regulatory options is the best alternative of the ban. So many investors are skeptical of cryptocurrency investments , but with regulations, the confidence is restored.