09/03/19 06:00 UTC-4

Republic of Singapore: what is the situation with cryptocurrencies in Southeast Asia

Cryptocurrencies in Singapore, Southeast Asia
Cryptocurrencies in Singapore, Southeast Asia

The Republic of Singapore is known for its positive attitude towards innovation. When the republic finally gained independence from Malaysia (1965), the economy of Singapore was in a deplorable state. Then the country plunged into a big "financial depression"...

So that the "newborn" state could develop, the local government turned to innovations and new technologies. By the beginning of 2000, Singapore had become one of the centers of technological development, and by the beginning of 2019 it had become an IT republic. Of course, such a popular innovation as cryptocurrency and ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details
has not bypassed a progressive state. The editors of Cryptorbit.Media prepared for our readers a very interesting material about the crypto-industry in Singapore.

Interesting in the section: ICO and its main characteristics


Crypto projects – the first six months without a license

It is not a secret that the Singapore authorities openly support financial and technological projects, including the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
. As of 2018, the number of foreign projects in the republic competes even with Switzerland. Singapore "sandbox" is a fintech regulator that allows you to deploy any innovative projects without a license in the first half of the year.


"Not digital" Bitcoin – crypto-bills

Local Singaporean Tangem IT company has released Bitcoin smart notes. In fact, these are familiar hardware wallets, but many call them "crypto-bills". This is due to the fact that wallets have a characteristic denomination: 0.01 BTC and 0.05 BTC. That is, these strange hardware storages work on the integrated S3D350A chip and look like a bank card.


Records of Bitcoin tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
in 2019

Singapore's P2P market became one of the most active in February 2019. About 145 BTC were exchanged for Localbitcoins in 7 days. According to statistics, between Singapore Dollar (SGD) and BTC on Localbitcoins crypto was exchanged for $ 504,000 in just one week.

Interesting in the section: Exodus desktop wallet for storing cryptocurrency


Blockchain Life 2019 Asia Conference

Blockchain Life 2019 Asia will be held in Singapore this spring. This is the world's largest blockchain conference, which will bring together more than 5,000 participants from 70 countries of the world.


Republic of Singapore. About the situation with crypto in Southeast Asia: unfortunately, positive moods regarding innovation did not affect Bitcoin in Singapore. According to the latest information, the local government did not pass the expected law for BTC to become the official means of payment in the republic

Editor: Yulia Krasnaya

See also: "The founders of Bitmain are included in the Forbes 2019 list of billionaires"

#cryptocurrency #Singapore #Bitcoin #BlockchainLife #Tangem #BTC #Singaporesandbox



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