- Singapore has the ambition to become the most key player in the world when it comes to cryptocurrency.
- The country loves to develop crypto techs and delve into blockchain and smart contracts.
- This will prepare Singapore for Web 3.0 world — the third generation of inline services.
Many countries around the world have recently turned their backs to cryptocurrency while others are also showing the concern of embracing it of late. At this time round, Singapore is seriously working to be recognized as the most friendly and top player in crypto-related businesses globally.
On behalf of the country, the Monetary Authority of Singapore (MAS) managing director Mr. Ravi Menon disclosed the news. This move clearly shows that Singapore is becoming more favorable to digital assets as it wants to be a hub for crypto finance and blockchain adoption.
By banking the unbanked, Menon acknowledged that they strongly believe imposing a strict ban on crypto is the best way. On the other hand, for Singapore to become the game-changer, the MAS is on the move to bring a strong regulation so that firms that meet its requirements and also address the crypto risks can work.
With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point. But not to get into this game, I think Singapore risks being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.
In line with this, Menon even mentioned that they are highly interested in developing crypto techs, blockchain, and smart contracts. With all these priorities, Singapore is eagerly gearing up for a Web 3.0 world ahead.
Expanding further, Singapore’s move towards virtual assets has well attracted several tech firms from Binance Holding. As a result, more than 170 companies applied to get the MAS license while only three crypto firms have been approved.
To mention a few, DBS Group Holdings is among the firms that have already received approval prior to their application. Best of all, Mr. Menon said that embracing crypto will mainly help in job creation to benefit the financial sector and other sectors of Singapore’s economy.
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