Singapore Emerging As A Key Player In Asia’s Crypto Ecosystem
Singapore is emerging as a top destination for Web3 companies, issuing twice as many licenses in 2024 than in 2023. According to William Croisettier, chief growth officer of ZKcandy, Singapore’s regulatory policies are helping the country position itself as the next crypto hub in Asia.
“The country adopts a risk-adjusted approach to crypto regulation, focusing on the biggest digital currencies to protect investors. Singapore also makes it easy for new crypto firms to interact with local banking partners, a provision considered a luxury in other parts of the world.”
Singapore has 1,600 blockchain patents, 2,433 industry-related jobs, and 81 exchanges. In 2024, the Monetary Authority of Singapore (MAS) issued 13 major Payment Institution Licenses for crypto exchanges. In 2023, it issued four MPI licenses to Blockchain.com, Crypto.com, Coinbase, and Ripple. Mouloukou Sanoh, the co-founder and CEO of MANSA, believes the growth in MPI licenses solidifies Singapore’s reputation as a global blockchain leader.
“With its clear regulations and support for innovation, Singapore attracts top companies and talent, fostering a thriving ecosystem.