Alex Svanevik, the CEO of crypto data analytics firm Nansen, has been denied permanent residency in Singapore despite his company having S$85 million in funds in the city-state, blockchain news outlet The Block reported. This rejection comes as a surprise, as Singapore has been actively courting blockchain and crypto companies in recent years. The government has established a dedicated regulatory framework for the industry and has granted licenses to several crypto exchanges. Svanevik's denial of PR highlights the challenges that crypto entrepreneurs face in obtaining residency in Singapore. Despite the government's pro-crypto stance, it has been cautious in granting PR to individuals involved in the industry. This is likely due to concerns over the volatility and regulatory uncertainty surrounding cryptocurrencies. The decision is also a setback for Nansen, which has been expanding its operations in Singapore and recently opened a new office in the city-state. The company's inability to secure PR for its CEO could make it difficult to attract and retain top talent in Singapore.