Singapore is becoming a ‘Hub’ For Crypto Businesses. The Chairman of Association of Cryptocurrency Enterprises and Startups in Singapore, indicated that while it may be too early to term the city as an “ICO hub,” owing to a reasonable amount of undone work, a lot of significant activity and token issuances have taken place in the city since September 2017.
Singapore has been taking efforts into setting up a number of incubators and venture funds focused on cryptocurrency investments. The city was named as the third largest ICO launchpad in the world, only behind U.S and Switzerland, regarding funds raised.
The city is witnessing a surge in incubators, investment funds, and even legal offices, of which charge over $200,000 as an advisory fee, who are all interested in the cryptocurrency sector.
Hong Kong follows a different judicial system than that of Mainland China, and hence the Chinese crypto ban is not applicable to the island-nation.
Ban Yates, a fintech lawyer, based in Hong Kong, states that ICOs queries are definitely on the rise. While Hong Kong and Singapore indeed aren’t the only crypto-friendly cities in the Eastern hemisphere – Japan, Taiwan, and South Korea are also major players in the region – the strong presence of leading banks, hedge funds, and financial service companies.
China’s loss was Singapore’s and Hong Kong’s gain, with significant economic benefits arriving for both cities. With this in mind, Singapore and Hong Kong may see a lot more business entries.