Singapore Cryptocurrency Adoption – Global Domination

 
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Earlier we featured the South Korean Blockchain and IEO Markets, exploring the ICO craze of 2017 before examining the new dawn of Initial Exchange Offerings. Today we’re going to be taking a look at the geographic region of Singapore and its interest in IEOs and cryptocurrency.

Singapore and Cryptocurrency

Singapore and Indonesia have a long and loyal history when it comes to the adoption and development of cryptocurrency technology. The city-state was one of the first to start regulating the use of digital currencies in 2014, imposing official taxation guidelines. As a result, innovation within DLT and fintech applicationshas been encouraged, with businesses choosing to set up within the jurisdiction.

Incredibly, more than 19 individual cryptocurrency foundations and 634 companies, including Litecoin, Tron, Binance, NEO, and Wanchain, are all incorporated in Singapore. With an estimated project market cap in the billions, the city-state is clearly one of the most important locations for cryptocurrency project development.

Central Bank Interest

This interest of cryptocurrency technology isn’t just retail, either. MAS – the Monetary Authority of Singapore (central bank) – has been linked to several seminal central bank digital currency research papers, most notably with senior employees, such as Stanley Yong, joining the likes of IBM blockchain as CTO.

It has long been rumoured that an institution like MAS will be the first central bank to issue a stable coin (CBDC), with IBM’s World Wire and Stellar network touted as the most likely vehicle. With such interest, what appetite does Singapore have for IEOs?

Leading the Charge

Singapore is by far the most receptive location when it comes to IEO trends, with 28 individually registered projects. The top exchanges by capital raised includes Gate.io, Latoken, GBX, Binance and Bittrex. As much as $593 million has been raised by IEO projects on the top five exchanges, totalling more than a third of global IEO funds raised.

The above statistics are just the tip of the Singapore crypto-bananza iceberg. iSTOX, a regulated digitized capital markets platform, is launching a regulated securities exchange in early 2020.

MAS and Canada’s Central Bank were the first to complete a cross-border blockchain payment between two central authorities, without an intermediary. And PLMP Fintech – a blockchain firm in partnership with the government of Indonesia – has begun a new initiative with the Ministry of Trade to improve international shipping with blockchain technology.

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A Bright, Compliant Future

Local regulators continue to make positive, supportive strides with cryptocurrency compliant regulation. IEO and cryptocurrency project registrations are growing exponentially. It is likely that Singapore and DLT will remain world-beating partners for some time yet.