Singapore’s embracing arms towards blockchain technology and the encryption industry might eventually make the small island the Asian blockchain center, according to reports by Bai Ze research Institute.
The country has poured millions into the new emerging technology since 2020. The country invested S$12 million in Singapore Blockchain Innovation Programme (SBIP) in December 2020 to accelerate the growth of Singapore’s blockchain ecosystem.
In addition, the country provided a S$300 million boost in Feb 2020 to the Startup SG Equity scheme to maintain and strengthen financial technology innovation capabilities. In the past five years, the number of emerging technology companies in Singapore has surged 10 times, suggesting that the island country has quickly become a hub for innovation.
Singapore officially recognized Crypto as a legally operating enterprise in its 2019 Payment Services Act and brought the supervision of cryptocurrency dealing or exchange services under the Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore (MAS) also made it clear that strict monitoring procedures are needed to prevent manipulation and abuse of trading activities.
In July of this year, a crypto-independent reserve index company in Australia launched a survey to Singapore to evaluate the spread of Bitcoin in the country.
The survey found that 90% of Singaporeans have heard of Bitcoin, while nearly 40% own some amount of it. 57% of respondents responded favorably towards cryptocurrency, and 45% of them favored Bitcoin more.
In terms of adoption, 82% of Singaporeans intend to hold Bitcoin for the long term. Among these Bitcoin holders, approximately 45% are male investors, while nearly 30% are female investors, and the others did not fill in their gender.
Singapore’s adoption status, trust, and confidence rank first among all the countries surveyed, indicating a positive view towards cryptocurrencies.
