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Singapore is rapidly becoming a global blockchain development hotspot. In addition to being home to a thriving community of blockbuster start-ups, Singapore's central bank (The Monetary Authority of Singapore, or MAS) said the blockchain is a "fundamental" technology.
While talking to Consensus: Singapore Damien Pang, head of the MAS technology infrastructure, said that "
" we adopt an approach in which our regulations are aimed at the goal rather than the platform technology itself ", he continued," We aim not to directly regulate a specific technology in itself, because technologies are always improving. "
There are few other places in the world that have created such an open legal framework for blockchain and cryptocurrency Singapore has also been a big beneficiary of China's love / hate relationship with the encrypted ones. breakthrough in terms of blockchain policy, but Beijing is still very negative on the cryptocurrency in general.
Read: PBoC-Backed Ping An Blockchain Trade Finance Platform goes live
Singapore is attracting many investments
57 blockchain-focused projects in Singapore raised over $ 570 million through ICO in the second quarter of this year, compared with only 14 Hong Kong-based projects that yielded $ 47.6 million dollars.
Singapore divides digital assets into three groups: payment tokens, utility tokens, and securities While on the Consensus stage: Singapore, Damien Pang said the MAS it does not intend to regulate utility tokens, but will introduce a payment service law for payment tokens by the end of 2018.
MAS has already collaborated with the Singapore Stock Exchange and three other partners to create a system of blockchain-based digital tokens. Called "Ubin Project", the program will probably help Singapore consolidate its position as a global cryptographic hub.
The main advantages of the first mover
The pool of talent for blockchain development is quite tight at the moment. With limited human resources, Singapore is potentially creating a blockchain development culture that will be difficult to challenge. Once talented people have access to a well-regulated economy and easy capital development, they are not likely to stray too far from their home.
Unlike China or the United States, Singapore is moving rapidly to establish a reliable legal framework for digital assets, which will help companies to invest securely in the nation state. China's crackdown on one of the world's most promising new technologies has driven companies like ImToken, Bitmain and Huobi to open regional offices there.
Singapore offers great advantages to companies that need access to both new technologies and consolidated banking infrastructure. As a global banking center, they can give blockchain start-ups an advantage in an industry that is likely to revolutionize the financial sector.
New Beginnings
Wachsman, the leading PR blockchain company, announced that they would open their first Asian office, in Singapore of all places. They are planning to expand their current staff and will probably help some of Singapore's blockchain start-ups to spend some of the money they have accumulated.
The company's founder and CEO, David Wachsman, said this via a press release on their new adventure,
"With its long standing reputation as a fintech hotspot, cradle of innovation digital, and as a favorable environment for the adoption of blockchain, Singapore was the clear choice for the next phase of global expansion of our company.Asia holds a significant influence on the global industry of blockchain, especially in terms of protocol and development Our customers have often been informed about the global presence of Wachsman and today our footprint in Singapore allows us to provide coverage in every time slot. "
Wachsman strengthen its staff at a global level in the coming years. Their activity could be seen as a barometer of how much the blockchain industry has expanded in recent years. David Wachsman started the company in 2015 and was the only employee. Now they have offices in Dublin, New York and soon in Singapore.
