Is Singapore the Leader of the Global Blockchain Industry?
Yes to Digital Asset Innovation, No to Cryptocurrency Speculation
This sentence best describes the current state of Singapore’s Web3 industry and was the topic of the opening keynote at the 2022 Singapore Green Shoots Seminar. Here’s a look at the history of government policy in Singapore’s Web3 industry.
Singapore was once dubbed the "Asian Crypto Paradise," attracting the interest and participation of many crypto companies. This is because Singapore’s regulators were quick to institutionalize the crypto market, removing some of the regulatory uncertainty and ensuring a liberal and business-friendly regulatory environment.
However, the tide began to turn when a series of incidents in the crypto market eventually spread the damage to retail investors. Officials began to strengthen crypto regulations, and a new phase unfolded. The updated regulations included 1) banning retail investors from using crypto staking and lending services, and 2) requiring offshore crypto service providers to be licensed.
Furthermore, the presidential election of Deputy Prime Minister Tharman Shanmugaratnam in September 2023, who has a conservative stance on the crypto market, is expected to continue this trend of increased regulation.
Investment in Blockchain Technology Remains Strong
In contrast to its conservative stance on the cryptocurrency market, the government’s outlook on blockchain technology remains positive. It is actively investing and conducting research in the field with the goal of developing a fintech industry that utilizes blockchain technology. Singapore is convinced that innovative technologies such as fintech will bring significant changes to the financial industry in the future, and is particularly keen to capitalize on the potential of blockchain technology to bring about economic and technological advancements.
Singapore began fostering its fintech industry early on, announcing Project Ubin in 2016 to focus on exploring the technical benefits and innovations of blockchain. In addition, the Monetary Authority of Singapore (MAS) has been experimenting with the practical applications of blockchain technology.
MAS, the Centerpiece of Singapore’s Blockchain Industry Promotion
The research and development of blockchain technology in Singapore is led by the Monetary Authority of Singapore (MAS). In addition to licensing and supervising virtual asset operators, MAS is also working to develop the blockchain industry, primarily focusing on empirical research on the technology. This indicates that MAS is not just a regulator, but is actively involved in the development and application of the technology.
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