Several global crypto groups began to move to Singapore when the sector was gripped by the legal system in several countries such as the United States (US), United Kingdom (UK) and China.
Among the well -known figures involved in moving to the Asian financial hub include Binance founder Changpeng Zhao. In Singapore, Binance trading is duty free. Since last month, they have advertised more than 200 job opportunities in the country.
Not to be outdone is the pioneer of the Gemini crypto platform, the Winklevoss twins have been actively adding to the workforce in Singapore since opening a new office in June. The firm is expected to have 50 employees by the end of 2021.
While the founder of Ethereum, Vitalik Buterin has also been in Singapore since the beginning since 2020.
So far there are still no signs the metropolitan state will issue licenses to crypto firms. On the other hand some of the industry’s largest players are given exemptions for offering services to local retail and institutional investors.
Singapore can be said to be among the crypto -friendly countries.
For example the Monetary Authority of Singapore (MAS) has made it easier for a group of foreign cryptocurrencies to establish permanent settlements and provide services in the country, despite no doubt having to deal with trade constraints.
In fact, the Stock Exchange of Singapore has also introduced two cryptocurrency indices.
