Author: Nikhilesh De Translator: Annie_Xu
Singapore is widely regarded as one of the most crypto-friendly countries in the world, mainly due to its political stability, reliable infrastructure and favorable business environment.
Singapore’s central bank has experimented with blockchain technology and announced the launch of “Project Ubin,” a collaboration with a consortium of banks and tech companies to explore blockchain’s use in payments, securities clearing and settlement the use of. The ultimate goal of the project is to put the Singapore dollar on the blockchain. This move helps strengthen Singapore's image as a leading financial centre and an innovator exploring breakthrough technologies. More importantly, it enables both local residents and foreigners to certify Singapore’s blockchain efforts, making it a more attractive place to launch and develop such projects.
Anti-Money Laundering Regulations
The local government is clearly actively involved in blockchain efforts and understands the importance of encouraging innovation in the field. It is said that Singapore regulators have been very cautious about their actions and the impact they will have on the blockchain space.
To protect the public interest, all virtual currency intermediaries in Singapore, such as exchange operators, are required to comply with anti-money laundering and combating the financing of terrorism requirements. At the same time, given the popularity of ICOs, its central bank has also issued detailed guidelines on the application of securities laws in this area with regard to the offering or issuance of digital currencies in Singapore.
private sector to advance
Established organizations such as major financial institutions are also investing time and resources in blockchain initiatives to stay relevant in this fast-growing field. Local DBS Bank, United Overseas Bank and OCBC Wing Hang Bank participated in the proof-of-concept of "Project Ubin" using the blockchain technology developed by R3.
University offers blockchain courses
Aware of the technology’s promise, some local universities have started offering blockchain courses to help students and enthusiasts learn and expand their interest in the field. Both Singapore Management University (SMU) and Singapore University of Social Sciences (SUSS) offer short courses on blockchain, emphasizing the applications and possibilities of blockchain in the current context. In addition to this, alumni of the National University of Singapore (NUS) have also pioneered some excellent projects such as KyberNetwork and Zilliqa. Both projects benefit greatly from a supportive ecosystem, with the opportunity to gain operational input from experts and advisors.
However, despite the fact that universities have started blockchain courses, the shortage of skilled labor in the blockchain space is still serious. Like most other economies, the demand for blockchain developers far exceeds the supply in the labor market. If Singapore fails to develop enough talent in time to meet workforce needs, it risks losing its status as a blockchain hub in the region.
Payment use case
In addition, more and more companies are beginning to recognize cryptocurrency payment methods and are already accepting this currency from consumers. Some established companies, such as Aptoide, one of the largest app stores in the world, have also started operations in Singapore to raise new funds through ICOs to support their new companies. Law firms such as Dentons Rodyk and Wong Partnership have also set up new divisions to provide legal advice and services for blockchain ICOs, given their need for legal services to set up companies in Singapore.
While Singapore has some advantages, its ecosystem has shortcomings that need to be addressed. Earlier this month, a Singapore-based project called Quoine announced it would link customer payments to its Japanese company after its bank account in Singapore was terminated. Meanwhile, 10 other companies were also affected by the closure of their bank accounts. Without a bank account, blockchain companies cannot make payments, severely impacting their day-to-day operations.
educate the masses
More crypto enthusiasts have spearheaded the establishment of public blockchain interest groups on social media in Singapore. These initiatives aim to educate the public on the advantages of blockchain in different industries and help newbies distinguish real projects from fraudulent ones.
The scale of blockchain disruption is likely to be unprecedented, presenting enormous opportunities and risks for industry players and their clients. Singapore has shown no signs of curbing the growth of the industry, and it remains an attractive hub for global blockchain projects. As more businesses and individuals become more exposed to the technology, we should see more relevant use cases that have a profound impact on society.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, and the content is for reference only.
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