Singapore is ranked as the world’s best place to do business. The country has seen unprecedented growth in the number of enterprises using blockchain technology and cryptocurrencies. What has contributed to this is the fact that the country has a free-market economy, it has very investor-friendly laws, there is availability of skilled staff and the connectivity is excellent.
What is most significant about Singapore’s ascend to the top of the blockchain graph is its regulatory environment. The financial services regulator, the Monetary Authority of Singapore, of MAS, is highly proactive, well-informed and totally transparent in its operations. Apart, it is ready for experimentation with new technologies especially blockchain and cryptocurrencies. The government too is highly receptive to these technologies. Singapore also encourages innovation by holding discussions on key issues by industry experts and organizes events that promote adoption of newer technologies.
A recent PwC study showed that as much as 82% of executives in Singapore firms have said their firms have taken up blockchain initiatives in one way or other, and 13% of these firms have brought the initiatives live to the market. The startups in Singapore are not just confined to cryptocurrencies, they are moving ahead in the value chain as well.
PROACTIVE POLICIES
This story is from the November 2019 edition of Banking Frontiers.
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This story is from the November 2019 edition of Banking Frontiers.
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