Singapore, one of the richest countries in Southeast Asia, is at the top of the cryptocurrency list. According to a Bloomberg report based on data from Henley & Partners consultancy, Singapore surpasses all other countries with the necessary infrastructure and rules it has created for the crypto asset industry.
Crypto Infrastructure and Licensed Companies
In Singapore, Coinbase and Ripple $2.4 Around 30 US-based crypto companies such as Hong Kong-based Futu are licensed by the Monetary Authority of Singapore (MAS) to provide digital token services. MAS is also working on a digital Singapore dollar.
Incentives and Comparison
The city-state, unlike other Asian countries, is introducing tax incentive programs for crypto. Large Asian countries such as China and India are taking a cautious approach and taking slow steps towards crypto.
Bloomberg notes that the new generation has accepted that crypto transactions can become mainstream. This acceptance was further strengthened after the US approved spot crypto exchange-traded funds (ETFs).
Survey results conducted by crypto platform Independent Reserve at the beginning of the year also show that approximately 40% of Singaporean investors own crypto.
The report writes that Singapore will likely benefit from its investments in crypto assets. Former US President Donald Trump’s return to the White House is expected to usher in a period that will support the crypto rally. Bitcoin (BTC) after Trump’s victory in November’s presidential election 
$104,723.9 surpassed the six-figure price level.
Bitcoin is currently trading at $107,501.
Singapore’s leadership in crypto adoption is supported by the robust infrastructure and incentives the country has established for crypto assets. In the face of the cautious approach of other Asian countries, Singapore’s advances in this field attract attention. The fact that 40% of investors are turning to crypto assets indicates the sustainability of this trend.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
