Crypto ads bans and hard-to-attain licenses were not enough to hamper Singapore's booming crypto ecosystem, a new KPMG report reveals.
Singapore has seen a tenfold increase in crypto-related investments last year worth $1.48 billion, up from $110 million in 2020, according to KPMG's Pulse of FintechAs per the study, the city-state has long been recognized as a center of cryptocurrency activity, with over $1.48 billion in investment completed last year alone.
KPMG suggests that the increase is in part due to government efforts to stimulate the capital market, such as establishing a special-purpose acquisition company listing framework to position the country as a choice location where fast-growing firms and unicorns can go public.to regulate speculative digital assets. Even as authorities impose even more regulation, KPMG forecasts that Singapore's crypto investment will remain strong this year.
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