Singapore named world’s best country for crypto investors

Singapore has installed nine Bitcoin ATMs so far

Singapore took over the first place from the US in the latest Global Crypto Ranking for the fourth quarter 2021 by Irish fintech startup Coincub.

According to the ranking, the Southeast Asian city state is “the most promising location for crypto investors to live and work” due to the nation’s robust economy, positive legislative environment, favourable tax laws and high rate of cryptocurrency adoption as opposed to the increasingly “uncertain regulatory environment and scaling back of initial coin offerings” by the US.

The ranking also took into account quantitative data such as crypto ownership, the availability of Bitcoin ATMs and spending opportunities for crypto money. The ranking’s criteria also focused on the willingness of mainstream banks to offer custodial services and traditional institutions buying into the crypto space.

Clear government strategy and regulation efforts for crypto

Exchanges and wallets availability, market regulation and transparency, acceptance of Decentralized Finance, or DeFi, as well as financial services specifically for crypto have also been taken into account for the ranking.

Singapore, which rose from rank three to the top, has also been lauded for being among the countries with the world’s second highest percentage of crypto owners – 9.4 per cent – among the population, for its clear government strategy regarding crypto and firm regulations to provide reassurance to crypto-shy investors.

Crypto spending opportunities

Overall, the number of crypto exchanges based in Singapore is 47, and the city-state has already nine Bitcoin ATMs. In addition, popular cryptocurrencies including Bitcoin and Ether can be spent at a number of outlets and retailers, as well as on gift cards.

The ranking also notes that the Monetary Authority of Singapore in its role as central bank is looking into DeFi as a financial services ecosystem and is working on new financial sector regulations including stronger standards for cryptocurrency service providers and higher requirements for technology risk management in financial institutions.

The top five in the fourth-quarter ranking are now Singapore, Australia, the US, Germany and Canada. China dropped to the bottom following a ban on all crypto dealings, while El Salvador zoomed to ninth place with its globally unique decision to use Bitcoin as legal tender.



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[caption id="attachment_37892" align="alignleft" width="300"] Singapore has installed nine Bitcoin ATMs so far[/caption] Singapore took over the first place from the US in the latest Global Crypto Ranking for the fourth quarter 2021 by Irish fintech startup Coincub. According to the ranking, the Southeast Asian city state is “the most promising location for crypto investors to live and work” due to the nation’s robust economy, positive legislative environment, favourable tax laws and high rate of cryptocurrency adoption as opposed to the increasingly “uncertain regulatory environment and scaling back of initial coin offerings” by the US. The ranking also took into account...

Singapore has installed nine Bitcoin ATMs so far

Singapore took over the first place from the US in the latest Global Crypto Ranking for the fourth quarter 2021 by Irish fintech startup Coincub.

According to the ranking, the Southeast Asian city state is “the most promising location for crypto investors to live and work” due to the nation’s robust economy, positive legislative environment, favourable tax laws and high rate of cryptocurrency adoption as opposed to the increasingly “uncertain regulatory environment and scaling back of initial coin offerings” by the US.

The ranking also took into account quantitative data such as crypto ownership, the availability of Bitcoin ATMs and spending opportunities for crypto money. The ranking’s criteria also focused on the willingness of mainstream banks to offer custodial services and traditional institutions buying into the crypto space.

Clear government strategy and regulation efforts for crypto

Exchanges and wallets availability, market regulation and transparency, acceptance of Decentralized Finance, or DeFi, as well as financial services specifically for crypto have also been taken into account for the ranking.

Singapore, which rose from rank three to the top, has also been lauded for being among the countries with the world’s second highest percentage of crypto owners – 9.4 per cent – among the population, for its clear government strategy regarding crypto and firm regulations to provide reassurance to crypto-shy investors.

Crypto spending opportunities

Overall, the number of crypto exchanges based in Singapore is 47, and the city-state has already nine Bitcoin ATMs. In addition, popular cryptocurrencies including Bitcoin and Ether can be spent at a number of outlets and retailers, as well as on gift cards.

The ranking also notes that the Monetary Authority of Singapore in its role as central bank is looking into DeFi as a financial services ecosystem and is working on new financial sector regulations including stronger standards for cryptocurrency service providers and higher requirements for technology risk management in financial institutions.

The top five in the fourth-quarter ranking are now Singapore, Australia, the US, Germany and Canada. China dropped to the bottom following a ban on all crypto dealings, while El Salvador zoomed to ninth place with its globally unique decision to use Bitcoin as legal tender.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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