Singapore

On April 21, the Singaporean Blockchain Association signed a memorandum of understanding with five other countries across the Southeast Asian and Pacific regions. The aim was to create a consortium and promote education on blockchain and decrease cautiousness about cryptocurrency.

The number of fraudulent cryptocurrency startups and suspicious companies not properly registered with regulators is growing. This makes governments and watchdogs alerted about the security of their citizens. For instance, the government of Singapore recently passed a warning to all of its citizens of the risk of involvement with cryptocurrency.

Singapore is almost becoming Asia’s blockchain and cryptocurrency hub.

As cryptocurrencies and blockchain technology gain root in the world, governments are becoming more involved in the industry through taxation.

The Asia region is known for its contradictory relationship towards blockchain technology plus cryptocurrency and its decentralized nature. Some countries such as China, Japan, Singapore, Hong Kong, South Korea, etc., embrace it for its innovativeness and disruptive potential, while others try to strictly regulate or even ban it.

11/02/2019 Singapore: LaLa World, a Singapore based FinTech organization, launched its multi- cryptocurrency wallet today. The wallet, christened ARAX, supports multiple Blockchains, coins,  and tokens natively. Arax Wallet will address the absence of utility of cryptocurrencies which has impeded global adoption of these digital assets.

Digital asset institutional investors will soon be able to safekeep their holdings on a standardised, resilient, compliant and automated custody platform operated by Onchain Custodian (ONC), a Singapore company supported by Onchain.

The government of Singapore has continued to give support in the form of financial incentives to Blockchain technology innovation in the country with several investments. The total amount of funding is not yet officially uncovered.

Two of the most innovative blockchain companies, Pundi X and UTRUST, have announced a strategic alignment of vision and mission, engineered to deliver a unique solution for mainstream cryptocurrency adoption. The solution will enable retailers and merchant services to integrate and physically accept cryptocurrency for goods and services offline.