In the last few years, the small bustling island of Singapore has emerged as a forerunner in the field of crypto innovation and blockchain technology in Asia. This is primarily fuelled by the support it has received by the government to adopt cutting-edge blockchain technologies, as well as continue research and development in the blockchain arena.
In fact, apart from being at the forefront of the blockchain movement in Asia, Singapore-based blockchain projects are also creating a global impact.
A few reasons for Singapore’s accelerated blockchain growth can be attributed to its free market economy, tax framework, stable socio-political setting and ease of doing business — all of these factors make it easier for founders to launch their companies in Singapore.
To propel this further, the Monetary Authority of Singapore (MAS), the central authority responsible for regulating the laws of the financial sector has released a guide to digital token offerings to encourage adoption of blockchain technologies and is taking an open approach to categorize digital tokens such as utility, payment and security tokens.
MAS recognizes blockchain’s potential impact on the economy of the country and is therefore proactively encouraging projects to facilitate better systems.
It has recently launched Ubin, a project centered towards creating solutions for payment settlements and securities. Another example is Tribe Accelerator, a government-backed blockchain accelerator based out of Singapore and branching throughout South East Asia.
In order to create a wider impact, the Singapore government continues its efforts to foster a broader platform to support start-up blockchain-based collaborations in the country.
Another such initiative is Blockchain Summit Singapore,