SINGAPORE | IAS GYAN

Copyright infringement not intended

In News

Recently Cryptocurrency sector in Singapore has been surprised by the recent collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund.
Digital currencies like Bitcoin losing roughly half their value since the start of May.

The reason behind increasing crypto investment in Singapore;

In 2021, Singapore's crypto and blockchain companies have experienced an increase in investment of $1.48 billion; this amount was more than 10 times the previous year.
Singapore is one of Asia’s main investment banking and asset management centres.
Huobi, a crypto exchange initially focused on China, now has a major presence in Singapore.
US crypto exchange firm ‘Gemini’ has set up regional Asia headquarters in Singapore.
The country has a licencing regime for crypto companies, this attracted many companies.
Many industries have applied for licences in Singapore.
DBS, Singapore’s largest bank, has recently launched its crypto exchange.

Singapore

Singapore is officially known as the Republic of Singapore.
It is a sovereign island country in Southeast Asia.
It lies about one degree of latitude north of the equator.
Borders:
- The Malay Peninsula in the North.
- Strait of Malacca in the West.
- Singapore Strait in the South.
- The South China Sea in the East.
- The Straits of Johor in the North.
It has the 3rd highest population density in the world.
Singapore is the only country in Asia with an AAA sovereign credit rating from all major rating agencies.
It is major aviation, financial and maritime shipping hub.
It has been consistently been ranked as one of the most expensive cities to live in.
It ranks high in key social indicators: education, healthcare, quality of life, personal safety, infrastructure and housing.