Singapore: The first Asian Country to become a global hub for ICO Development services
Singapore, one of the 4 Asian Dragons Countries, is rapidly earning fame for becoming the largest hub for FinTech innovations globally. Poised over the rapid industrialization, this island country in Southeast Asia is trending in the ICO market for the most successful ICOs in the crypto-market. Singapore is closely behind US and Switzerland and the first leading Asian country to become the part of this fastest growing ecosystem. Singapore is followed by HongKong and Russia. Let’s analyze the factors responsible for Singapore’s incredible growth in crypto sector.
Monetary Authority of Singapore (MAS)
MAS is the key driving force behind the Singapore efforts on becoming a Smart Nation. To speed up the process and to follow a seamless approach, FTIG (Financial Technology and Innovation group) if formed within MAS so as to make Singapore as a global Financial center. MAS is fueling the FinTech Ecosystem in Singapore to boost up globally by providing open banking platforms, sandboxes and amazing tax incentives. These factors have stimulated the FinTech developments in Singapore at greater heights.
The guidelines issued by MAS on the very first day of FinTech Festival back in 2017 by MAS, provided the much required clarity towards the crypto and ICO industry. These guidelines have strengthened the ecosystem by providing a substantial measure for regulatory predictability.
Changing Perspective towards crypto acceptance
Initially the startups which raised the ICOs were tending to more like pre-revenue. The companies are getting overwhelming response from the investors. As the crypto ecosystem is a highly volatile, an intervening regulatory authority is definitely a boon for the system. The acceptance towards crypto community can be well judged from the fact that even the Central Bank of Singapore has introduced a token version of the national currency, better known as Project Ubin. Backed by consortium from major global banks, Blockchain will be the underlying technology responsible for inter-bank transfers in this project.
The financial Security guidelines issued by Monetary Authority of Singapore have met with positive feedback from the investors. MAS’s incredible legal framework has pavered the way for umpteen businesses as well as FinTech innovations. The ICOs launching in Singapore reasonably guarantees high investor security and financial freedom. There is a clean, seamless and well driven protocol list which is to be followed by every ICO startup in Singapore.
By posing KYC/AML regulations and monitoring them via FTIG, the government of Singapore has attracted a lot more public towards investing in Singaporean ICOs. Mr Ravi Menon, MD, MAS said that the main aim of MAS is not to regulate the power of virtual currencies but rather regulating the activities, so as utilize their capability to reduce the inter boundary financial transactions. The guidelines are set to regulate the activities which are derived from virtual currencies in case the nature of these activities is volatile.
Another major advantage with Singaporean ICO is that the company ( ICO Founder) can open Bank accounts across the globe. Well, this certainly boosts the trust of the Singaporean companies in the world.
All the above factors, be it the significant rules, tax regulations and other state financial fundings, all fall in favor of the investors which play a key role in building their trust towards Sinaporean ICOs. Today, Singapore is the third major Blockchain hub in the world and no wonder!! These friendly policies will make Singapore number one in the crypto market very soon.