Singapore Vies for Blockchain Leadership in Southeast Asia

Asia Blockchain Review
July 3, 2019

The decentralized nature of blockchain technology has allowed blockchain startups to operate from virtually anywhere in the world. Silicon Valley, though recognized as a key location for successful startups, is no longer the only place for new blockchain firms.

Singapore Emerges as Asia’s Blockchain Capital

Cities worldwide are fighting for the title of ‘blockchain capital’, with many proving to be hot spots for developers and investors.

One of the strongest contenders in Asia is Singapore, where firms often look to launch an initial coin offering (ICO). The city-state has a reputation for fostering prominent blockchain companies, such as Digix, TenX, and Zilliqa. 

The Monetary Authority of Singapore (MAS) has played a large role in growing the blockchain community, previously announcing that it will not regulate the industry but instead provide support to blockchain businesses.

Singapore’s Project Ubin and Other Tech-Friendly Initiatives

Furthermore, Singapore has introduced blockchain technology in an experimental project under the name of Ubin in collaboration with R3. With the goal of exploring the use of distributed ledger technology (DLT) for the settlement of payments and securities, Project Ubin has demonstrated to authorities how blockchain can be used to drive businesses forward.

Another important initiative is the MAS’s US$150 million fund for fintech (financial technology) projects. Moreover, Singapore is the venue of the FinTech Festival,  the largest conference for financial technology worldwide that saw the participation of over 30,000 attendees.

Singapore is abuzz with developments in the blockchain community, and its businesses are certain to continue flourishing with the support of both the private and public sectors. 

Source: https://medium.com

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