Singapore continues to lead the pack in Asia, securing the 5th position globally in the list of cities most prepared for cryptocurrency. The Lion City achieved a commendable crypto-ready score of 72.23.
According to Coinwire, Singapore’s success can be attributed to its “well-thought-out strategy which is a combination of rules and regulations to protect and encourage innovation,” making it a favoured destination for cryptocurrency enterprises.
The Monetary Authority of Singapore (MAS) has played a crucial role in this ranking.
More from OMY: MAS introduces stricter regulations for cryptocurrency trading in Singapore
“The Monetary Authority of Singapore (MAS) has been actively creating regulations to help crypto businesses while still allowing innovation to thrive,” underscoring its balanced approach, adds Coinwire.
In terms of cryptocurrency infrastructure, Singapore ranked 7th globally with 537 crypto ATMs, achieving a score of 29.67. This shows the city’s substantial infrastructure supporting digital currency transactions.
Moreover, Singapore stood out in crypto employment, ranking second globally with a perfect score of 100.00.
“Despite the hurdles of regulation, Singapore managed to attain a score of 98.57/100 in the crypto job market, demonstrating its strength. This is evident in the city’s active trading community, as well as its competition with other financial hubs in Asia for crypto talent, resulting in a high employment score,” said Coinwire.
This impressive feat in various aspects of the cryptocurrency ecosystem cements Singapore’s status as a leading hub in the Asian market and a significant player in the global digital currency space.
More from OMY: Finance players expect fresh wave of tokenisation