By Jamie - Bitcoin Broker - 02-11-2021
As investing in cryptocurrency becomes more popular worldwide, nations begin to consider the new possibilities within the digital economy. While there are some countries that have chosen to ban cryptocurrency trading platforms to help avoid illegal activity, many others consider the potential to bring about a forward-thinking future for their citizens. One nation in particular hopes to fully adopt cryptocurrency and become a global leader for the new crypto/digital age. Singapore has shown great enthusiasm toward integrating cryptocurrency and learning more about blockchain and smart contracts. Currently, Singapore is in preparations to bring in Web 3.0 which will create a new generation of digital services and online media.
As previously mentioned, there are many governments and SECs who consistently decline and refuse to acknowledge buying and selling Bitcoin (BTC) and altcoins, furthermore there are others interested in the benefits but are cautious about adopting the assets. That being said, Singapore is fully embracing the crypto industry and wishes to become the world’s most crypto-forward economy. The announcement was made recently by the managing director of the Monetary Authority of Singapore (MAS), Ravi Menon. In the announcement, Menon stated that Singapore is currently creating a “blueprint” to highlight what requirements businesses need to meet when utilising cryptocurrency while taking precautionary safety measures. Singapore’s efforts could give the rest of the world a guideline and more clarity regarding the rewards and problems behind fully integrating cryptocurrency.