The world has seen an explosion in crypto-economies over the past year. Cryptocurrency enthusiasts are everywhere, but the rise of these economies is hitting some unexpected places. Singapore has become the leading cryptocurrency economy in Q4, 2021. As a result, they will be hosting the 2020 Olympics in 2030. This blog post explores how one country achieved success in the cryptocurrency industry and discusses what this means for other countries in the future.
Singapore displaces US as leading crypto economy in Q4, 2021
Wallet availability, regulations, and the number of Bitcoin nodes and crypto ATMs in a country are just some of the factors that make up a leading crypto economy. Earlier this week, Coincub, a crypto exchange aggregator, published its latest crypto country ranking, which showed Singapore overtook the US as the leading crypto economy in 2021.
Singapore won despite having to process a large amount of data. AMB Crypto reports on the details.
Singapore Is The Top Crypto Hub In Asia – Why?
In various metrics such as bank crypto activity, cryptocurrency spending, institutional acceptance, regulation, transparency, financial services, as well as exchanges and wallets, South Korea topped the list. Crypto is held by almost 10% of the country’s 5.6 million residents, according to Coincub.
Singapore maintains its competitive position by offering firm but clear legislative guidance. The country’s low tax on crypto earnings is coupled with progressive attitudes within the financial sector and widespread retail adoption.
Other top five members include Australia, the United States, Germany, and Canada. The US, which won last quarter, has dropped all the way down to third place because of regulatory crackdowns on crypto. Topping the list are Sweden, Portugal, Switzerland, El Salvador, and Japan.
Nigeria, New Zealand, Russia: 3 Countries That Are Welcoming Cryptocurrency.
China is at the bottom of the ranking due to its constant bans and crackdowns on cryptocurrency transactions. We find countries like Nigeria, New Zealand, and Russia at the other end of the spectrum.
Huobi Is Leaving Singapore: What Does This Mean For Cryptocurrency Growth In Southeast Asia?
According to most recent data, Singapore had around ten Bitcoin ATMs. The city-state’s exorbitant taxes, however, make mining unprofitable according to Coincub. One month ago, Huobi added Singapore to its list of “restricted jurisdictions.”
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However, there is still a problem of accessibility for Singapore’s population. What’s more, the country is way behind in DeFi acceptance. The report’s authors state:
Decentralized Finance is behind the rapid interest and growth of cryptocurrency and is underpinned by blockchain technology. Singapore’s central bank, the Monetary Authority of Singapore, is considering greater requirements for technology risk management in financial institutions and stronger standards for cryptocurrency service providers.
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