Bitcoin Progress Report: Fast Growth in Singapore
It is a nation-state and major city all in one. Kind of like if New York City seceded from the U. S. and became the country of New York. The country has about 5.5 million people, of which 40% are foreign born, also a lot like New York. English is one of the four main languages of Singapore, again just like New York, and it is positioned on an active river at a key geographic location for trade, like New York. It is about 9000 miles from New York, which means it is literally on the other side of the world. Until 2013, the longest non-stop plane flight in the world was from Newark, NJ to....
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A new study reveals that Singapore benefited from cryptocurrencies, especially Ethereum, through increased adoption. Germini, a crypto exchange, conducted The State of Crypto in Singapore Report 2021, collaborating with Seedly and CoinMarketCap. The report revealed that the financial investments of over two-third of the citizens include digital assets. The report has participants of 4,348 Singapore residents […]
Major cryptocurrency exchange Gemini has rolled out support for the Singapore dollar and set up a local office. Gemini, a cryptocurrency exchange founded by the Winklevoss brothers, continues to strengthen its global presence by tapping into the Singaporean market.On Jan. 25, Gemini announced a roll-out of several new features for its platform in Singapore, including the support of the Singapore dollar on mobile and desktop. According to the announcement, Gemini customers in Singapore can now use a debit card to buy crypto with Singapore dollars as well as use electronic funds transfer....
"Singapore will not interfere with bitcoin and other cryptocurrencies". Good news from the Monetary Authority of Singapore (MAS), the country's largest central bank has chosen to not interfere with businesses who accept Bitcoin for goods and services. Though small in size, Singapore is one of the world's financial hotspots, mainly due to low taxes and relaxed private banking policies. Singapore also has the highest population of millionaires. Nearly 1 in six Singaporean citizens report household disposable wealth of $1,000,000 or more. Some saw this news as unexpected as an ominous warning....
KPMG forecasts that Singapore's crypto investment will remain strong this year with increasing regulatory scrutiny. Singapore has seen a tenfold increase in crypto-related investments last year worth $1.48 billion, up from $110 million in 2020, according to KPMG's Pulse of Fintech report.As per the study, the city-state has long been recognized as a center of cryptocurrency activity, with over $1.48 billion in investment completed last year alone.KPMG suggests that the increase is in part due to government efforts to stimulate the capital market, such as establishing a special-purpose....
The Monetary Authority of Singapore will trial a retail central bank digital currency in various contexts at a fintech event, despite the electronic payment options already available. The Monetary Authority of Singapore (MAS) has wrapped up the first stage of its Project Orchid examination of a retail central bank digital currency (CBDC). According to the white paper released on Oct. 31, there is no “urgent case” for a retail CBDC in Singapore, but the study envisioned the infrastructure required in case a need arose. It also conceptualized a new model for digital currency — purpose-bound....