There’s an eagerness among both investors and companies to see the Singapore government develop its stance on blockchain technology.
Since 2020, the country has been primed to become a global crypto hub. With the introduction of the Payment Services Act, there were hopes that Singapore would be a place to find stability — for digital asset companies to operate with a license, and without fears of being blindsided by policy changes.
As it stands, only a few companies — 14 out of almost 200 applicants — have been able to realise this vision thus far. Singapore’s approach to Web3 — once solely described as “progressive” — is now also met with adjectives such as “strict” and “cautious”.