Lens1000
VIP Contributor
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?
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?