Explained: Singapore’s rise, and falter, as Asia’s crypto hub | Explained News,The Indian Express

Investment in Singapore's crypto and blockchain companies surged to $1.48 billion in 2021, according to KPMG, ten times the previous year and nearly half the Asia Pacific total for 2021.

Singapore’s burgeoning cryptocurrency sector has been shaken by the recent collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund, and signs of tighter scrutiny by regulators at the Monetary Authority of Singapore.

What led to the rise of Singapore as an Asian cryptocurrency hub, and what has been the fallout from the Three Arrows collapse?

How important is Singapore to Asia’s crypto sector?

Investment in Singapore’s crypto and blockchain companies surged to $1.48 billion in 2021, according to KPMG, ten times the previous year and nearly half the Asia Pacific total for 2021.

PwC says 6% of the world’s crypto funds are based in Singapore, ranking it a joint third globally – along with Switzerland and Hong Kong – behind the US and UK.

https://indianexpress.com/article/explained/explained-singapore-rise-falter-asia-crypto-hub-8025408/

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