Chinese government’s recent crackdown on cryptocurrencies has opened up various opportunities in the crypto market in other locations.
Both financial and geo-political, have caused Singapore to emerge as a major cryptocurrency hub in South East Asia.
Whether it is the US moving towards cleaner mining resources or Singapore that has welcomed unprotected crypto enthusiasts, exchanges and investors from China into its crypto-friendly environment.
After the Chinese crackdown on crypto, many crypto miners, investors migrating from China to more eco-friendly crypto environment country, and this migration created new opportunities for Singapore.
According to the blockchain security company, PeckShield, there has been a 62 percent increase in capital outflows from Chinese crypto exchanges such as Huobi and Binance to foreign exchanges. $28.3 billion capital made its way into the foreign exchanges in the first half of 2021, according to Reuters.
Singapore has clearly set regulatory measures for different crypto activities such as payment tokens, securities, custody, crypto fund management, and there is stringent penalties against the lawbreakers.
Lily Z King, the COO of a Singapore-based crypto asset management company said that this would help Chinese crypto lovers to warm up to the Singapore market.
“The country offers a suitable environment for crypto research and development”, said Chia Hock Lai, co-chairman of Blockchain Association, Singapore