The blockchain industry has advanced so fast over the past years. This time, we explore the adoption of the cryptocurrency in Singapore as well as factors that would propel its massive adoption in the long run.
Current cryptocurrency scenario
Just like Indonesia, Singapore has had a long and loyal history when it comes to the development and adoption of cryptocurrency technology. The country is among the first city-states to implement regulations on the use of digital currencies back in 2014 when they imposed official taxation strategies. Consequently, revolution within DLT, as well as fintech applications has received significant support, with most businesses opting to set up and run within the rule.
Quite impressive, so far, over 19 different cryptocurrency foundations along with 634 companies counting Binance, Litecoin, Wanchain, NEO, and Tron are all incorporated in Singapore. With approximated project market cap ranging in billions, this city-state has become one of the most critical locations for development and adoption of the cryptocurrency projects.
Central Bank Interest
The interest of cryptocurrency technology isn’t a retail thing. The Monetary Authority of Singapore – MAS (central bank) is being linked to several pivotal central bank digital money research papers, most markedly with high-ranking employees, including Stanley Yong, also joining the IBM blockchain, among other entities as CTO.
For a long time, it has been supposed that institutions such as Monetary Authority of Singapore are on the way to being the first central bank to provide a stable coin (CBDC) through Stellar and IBM’s World Wire network hyped as the most probable vehicle. With this kind of interest, what level of appetite does Singapore as a country have for IEOs?
Leading the Charge
Following the IEO trends, Singapore is so far the most receptive location with approximately 28 independently registered projects. Some of the top exchanges grouped by capital raised comprise Gate.io, GBX, Latoken, Bittrex, and Binance. Even though up to $593 million has been collected by the IEO projects from the top five exchanges, resulting in over a third of the funds raised on global IEO.
The statistics above are a light show of Singapore’s crypto-bananza iceberg. iSTOX is a regulated digital capital markets stand, and it is set to launch controlled securities exchange by early 2020.
The Monetary Authority of Singapore, along with Central Bank of Canada made it to history books as the first to complete the cross-border blockchain payment between the two central ruling classes, with no arbitrator. Besides, the PLMP Fintech, a blockchain firm partnering with the Indonesian government, has an ongoing new initiative with Ministry of Trade aiming at improvisation of international shipping through blockchain technology.
How can the adoption be increased
These following are among the forces believed to be possible propellers of cryptocurrency adoption in Singapore and even around the world. These forces distinguish the starry-eyed early adopters from practical members of the initial mainstream whose support is highly required for conventional adoption.
- Economic crisis
If the country’s or any major currency of the world suffers a loss of confidence, majority of people will begin to take a closer look at the cryptocurrencies. For instance, the Venezuelan citizens have used the cryptocurrency as a means of survival since the government destroyed the value of the national currency by hyperinflation.
Likewise, in Zimbabwe and Turkey, cryptocurrency trading has increased following economic and political crises that plagued the countries. The same could lead to the massive adoption of the cryptocurrency in Singapore in case of political or economic crises
- Institutional adoption
Currently, there is an enormous downturn in the cryptocurrency markets feeling extremely different from previous ones. Following familiar decrees of the death of Bitcoin and claims that cryptocurrency is a scam, there are clear signs of increased adoption of the digital currency beyond speculation.
There are the world’s largest firms, as well as influential institutions that have embraced and continue implementing cryptocurrency and blockchain technology with open arms. This continued adoption of the cryptocurrency by such reputable institutions will increasingly upsurge the trust in the technology.
- Decentralized applications
Ethereum was purposely designed to help as the world’s decentralized computer, driven by cryptocurrency known as Ether, a platform through which anyone could quickly build and access irresistible applications. Years after its development, now we can finally see some of the applications launching and going live. Continued use of these applications would help different countries and the world at large to increase adoption of cryptocurrency in Singapore.
- Social Media Networks
Minds, Steemit, Cent, Bitchute, Peepeth, and Y’alls, are some of the social media networks that are cryptocurrency-powered and have achieved significant different levels of usage. If these platforms can allow users to earn money while also creating and sharing valued content, they are likely to grow and propel massive adoption of the digital currency.
Top crypto exchanges
This a list of some the best cryptocurrency exchanges:
- CoinMama – though CoinMama is old, it is one of the best as it lets you buy the ETH and BTC currencies instantly.
- Bitmex – it is widespread and has high volume of crypto traders. It is idle for margin trading.
- Binance – it offers a mobile application, and it is undoubtedly the fastest growing exchange on the market.
- Bittrex – this is yet another superior exchange with a whole heap of coins.
- CoinBase – this is a U.S.A. structured and controlled exchange based out of California.
- OkEx – it is a reliable exchange that lists many top projects. It also has a native token, which incentivizes the users for trading.
- Changehero – it instantly converts any cryptocurrency to any currency of your choices. it is the best for instant conversion
- KuCoin – this is another reliable and robust exchange offering mobile applications for both Android and iOS. It comes with a whole pack of exciting features, including Exchange coin (KCS), Margin trading and much more. KuCoin has been updating its mobile apps constantly to help it keep up the competition on the market and remain one of the best in the industry.
Gradually and progressively, Bitcoin, as well as altcoins, are continuing to get attention from many investors from around the globe. These cryptocurrencies are proving to be safe with time despite the inflationary policies put against them by various governments.
For this reason, some people earn interest in crypto, while others are going on with pure speculation and short-term trading. Cryptocurrency in Singapore is a dream come true, and it is only a matter of time to see the results. There are high chances of the digital currency making it big in the country.
(By Neha Gupta)