- January 2, 2025
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Singapore Crypto Regulation: How Asia’s New Leader is Attracting Global Blockchain Giants appeared first on Coinpedia Fintech News
Singapore is stepping up as Asia’s leading crypto destination by refining its regulations and attracting global companies. The Monetary Authority of Singapore (MAS) has already licensed over 200 payment institutions, including big names like Okx, Upbit, and Bitgo, under the Payment Services Act (PS Act). With its clear regulations and support for innovation, Singapore is positioning itself as a global blockchain leader. While Hong Kong is rejecting crypto licenses due to strict regulations Singapore’s open invitation may divert the big institutions towards Singapore.
The crypto market is bullish with Bitcoin’s year-end jump of $100K and with this move, Singapore wants to stay ahead in crypto before big economies take complete control of this Trillion-dollar industry. Singapore’s economy grew 4.3% in Q4 2024, surpassing expectations and marking the fastest pace in three years. While growth may slow in 2025, the Monetary Authority of Singapore (MAS) may loosen monetary settings due to disinflation and a more challenging outlook.
Strong Licensing and Safety Measures
Introduced in 2020, the PS Act has become the foundation of Singapore’s crypto regulations. MAS Managing Director Chia Der Jiun highlighted the licensing process, which ensures strong management, compliance, and risk control to prevent issues like money laundering.
After the market’s ups and downs in 2021 and the collapse of several firms in 2022, MAS updated the PS Act in April 2024. These changes introduced stricter rules to protect investors and stabilize the market. Since then, over 30 new applications have been submitted, showing strong confidence in Singapore’s crypto-friendly yet secure environment.
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Leading the Way in Asia
Singapore’s balanced approach to bringing innovation while ensuring safety is cementing its position as a global leader in crypto. Alongside Hong Kong, which offers unique staking services, Singapore is setting the stage for Asia’s growing influence in the crypto world. Both markets are expected to introduce more innovative financial products and refine regulations further, boosting adoption in the coming years.
Crypto space is on fire at present, While China rejected the Bitcoin reserve plan other countries are not so bearish on reserve planning like Switzerland. In the meanwhile, Bitcoin is priced at $95k after dropping from its ATH of $108,135.
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