According to the KPMG Pulse of Fintech report, Singapore saw a tenfold increase in crypto-related investment last year, worth $1.48 billion, up from $110 million in 2020.
According to the study, the city-state has long been recognized as the center of crypto activity, with more than $1.48 billion invested last year alone.
KPMG suggests that this increase is partly due to the government’s efforts to stimulate the capital market, such as creating a Specialized Acquisition Company (SPAC) listing structure to position the country as the preferred location for fast-growing firms and unicorns to go public.
This year, regulators will step up their efforts to regulate speculative digital assets. Even as more regulation is introduced by the authorities, KPMG predicts that Singapore’s investment in crypto will remain strong this year.
As reported by Cointelegraph, in early January, the central bank ordered cryptocurrency firms to stop advertising their services to the general public. In addition, the majority of applicants failed to complete the licensing process to obtain permits to operate a regulated cryptocurrency business in Singapore.
According to a KPMG report, most cryptocurrency and blockchain investments last year were focused on software and underlying infrastructure rather than services. The nascent sector accounted for a third of Singapore’s total fintech investment, which rose to $3.94 billion last year, according to KPMG.
KPMG also highlighted that fintech investment in Asia-Pacific reached an all-time high of $27.5 billion in 2021, with total funding exceeding $17.4 billion in the second half alone (compared to $11.5 billion in 2020). In 2021, venture capital funding rose to $19.6 billion from $11.5 billion in 2020.
According to the KPMG Pulse of Fintech report, Singapore saw a tenfold increase in crypto-related investment last year, worth $1.48 billion, up from $110 million in 2020.
According to the study, the city-state has long been recognized as the center of crypto activity, with more than $1.48 billion invested last year alone.
KPMG suggests that this increase is partly due to the government’s efforts to stimulate the capital market, such as creating a Specialized Acquisition Company (SPAC) listing structure to position the country as the preferred location for fast-growing firms and unicorns to go public.
This year, regulators will step up their efforts to regulate speculative digital assets. Even as more regulation is introduced by the authorities, KPMG predicts that Singapore’s investment in crypto will remain strong this year.
As reported by Cointelegraph, in early January, the central bank ordered cryptocurrency firms to stop advertising their services to the general public. In addition, the majority of applicants failed to complete the licensing process to obtain permits to operate a regulated cryptocurrency business in Singapore.
According to a KPMG report, most cryptocurrency and blockchain investments last year were focused on software and underlying infrastructure rather than services. The nascent sector accounted for a third of Singapore’s total fintech investment, which rose to $3.94 billion last year, according to KPMG.
KPMG also highlighted that fintech investment in Asia-Pacific reached an all-time high of $27.5 billion in 2021, with total funding exceeding $17.4 billion in the second half alone (compared to $11.5 billion in 2020). In 2021, venture capital funding rose to $19.6 billion from $11.5 billion in 2020.
