singapore | Cryptobeyer

From the bustling streets of Vietnam to the tech-savvy corridors of Singapore, Asia is embracing cryptocurrencies, regardless of shifty and unclear governmental regulations. Here's what's happening in the Asian cryptocurrency uprising.

Asia leads global cryptocurrency adoption, with Vietnam and India at the forefront. The popularity of cryptocurrency in Asia is largely due to large unbanked populations and mobile connectivity. Many countries also have mostly supportive regulations that drive adoption. Rapid growth in the use of crypto is seen in Pakistan.

I find it intriguing to note that lower-middle-income nations are leading grassroots adoption in Asia. This is good news, as cryptocurrency should be a financial freedom project.

Japan and Singapore are key players. South Korea even has a term "Kimchi Premium," referring to higher Bitcoin prices on local exchanges compared to global markets.

Ah, yes, I almost forgot Hong Kong, which launched spot bitcoin ETFs on the 30th of April this year. Unfortunately, the inflow of money from Hong Kong ETFs has been disappointing so far. But the second half of 2024 will likely be better I hear.

Despite China's ban on crypto activities in September 2021, citizens are finding ways to participate in the market. Despite government warnings, Bitcoin, remain popular in China, as evidenced by a four-fold increase in Bitcoin's popularity on platforms like WeChat. The word on the crypto street is that miners are using tactics like accessing off-grid electricity and geographically scattered small-scale operations to hide from authorities.

India has emerged as one of the global leaders in cryptocurrency adoption, with over 15-20 million Indians having invested in Bitcoin, but they seem slow in creating clear regulations in the crypto landscape.

But, the regulatory circus, where authorities struggle to rein in the chaos, is frankly tiresome across the world. It is not the last time you will hear that crypto needs clear regulation to blossom.

But hey, who doesn't love a little drama in their finances?

One thing remains clear: cryptocurrency is robust in Asia, even stronger than unclear, shifty governments.

Read more about crypto in Asia!

Read more about crypto in Japan!

The technologies of the 4^th Industrial Revolution have the power to offer brand new opportunities for innovation, effectiveness, and prosperity. This transformation of society calls for forward thinking and courage. Singapore is a leading example of a nation successfully navigating its way into the digital era. Here’s what Singapore is doing and what I see we can learn from it.

Singapore's technological journey traces back to the 1960s when it embarked on a path of industrialization, with the electronics manufacturing sector leading the way. Early on, the government understood the importance of having a digitally savvy population and has launched three highly successful programs since the 1980s to make it an intelligent island. This led to a significant increase in computer awareness.

In 2020, Singapore started the Advanced Manufacturing Training Academy which focuses on preparing the manufacturing workforce for the challenges and opportunities of 4th Industrial Revolution technologies. There’ s more. When I examine the national Manufacturing 2030 plan, it's evident that Singapore is fully committed to embracing these technologies.

In fact, Singapore created the globally recognized framework Smart Industry Readiness Index together with the World Economic Forum to help manufacturers assess their digital maturity. Smart.

What about Web3 in Singapore?

Singapore is embracing Web3 and is exploring how blockchain can be used for decentralized finance, tokenization, and digital asset innovation. Over 57% of adults in Singapore own cryptocurrency, but the preferred way of payment is still fiat currency. In Scandinavia, only approximately 7% of the population owns cryptocurrency, while in Germany, the figure stands at 6%, in the UK at 8%, and in the US at 15%.

Hear this! Singapore does not impose any capital gains tax on profits from buying and selling cryptocurrencies.

Lately, cryptocurrency usage has gone down in Singapore due to the prevailing problems of crypto exchange crashes and frauds, but all technological developments will have their ups and downs. To address concerns like money laundering and investor protection, Singapore is introducing fresh new rules while still supporting crypto innovation. By creating a supportive regulatory environment, Singapore has attracted major players in the crypto space and is now a major center for Web3 innovation.

What else does the government in Singapore do?

Singapore is recognized for its clear and steady regulatory approach towards blockchain and crypto. It offers funding and mentorship to startups developing innovative blockchain solutions. The Monetary Authority of Singapore has established a S$225 million Financial Sector Technology and Innovation scheme, with S$75 million specifically allocated for blockchain and distributed ledger technology projects. That’s what I call trust in innovation!

“It should be called the Fourth Industrial Evolution.” Because what we are experiencing with the merging of digital, physical, and biological technologies are inevitable developments. It’s an evolution of society that offers brand new opportunities for innovation, effectiveness, and prosperity. Trying to block the inevitable is senseless.

Following in the footsteps of Singapore will likely lead to economic advantages. With a strong manufacturing sector, the country can use 4th Industrial Revolution technologies to boost innovation and productivity, making it more competitive globally. Singapore's positive approach attracts foreign investment and skilled workers, and government-supported programs encourage new ideas and businesses in blockchain and robotics. Singapore’s clear emphasis on improving the skills of its workforce is sending a clear message. I say, Singapore is set to thrive in the digital era.