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Blockchain Thriving Within Singapore’s Borders

Singapore Parliament (Rym DeCoster_Flikr)

Since the blockchain’s emergence, numerous governments are trying to integrate the technology into their framework. And one of the leading countries doing this is Singapore.

Despite being a small island and supporting 5.6 million people, the country has a large financial sphere with over 200 banks operating within its borders. For this reason, it’s one of the first Central Banks to use blockchain tech. UBS, DBS Bank, MasterCard, Wells Fargo, and other company giants also have innovation labs inside Singapore that are constantly working on new ideas.

So it isn’t surprising that the country isn’t hesitating to consolidate the technology within its system. Currently, there are over 50 different start-ups that are researching blockchain-centered tech in Singapore aimed at making transactions faster, cheaper, and more transparent.

Even when the technology was relatively new in the mainstream industry, the Singapore government wasn’t afraid of experimenting with it. And because of their early research, the Monetary Authority of Singapore (MAS) released their first successful blockchain-based transaction on March 9, 2017.

Since then, the ecosystem surrounding this innovation has grown and is continuing to expand. Capitalists are eager to invest in this ecosystem since the country is among those that pioneered the adaptation of the tech.

But Singapore isn’t exactly a shining beacon of blockchain advancement. Perhaps one of the biggest area that the country should address is to place regulations surrounding blockchains and the cryptocurrencies that it spawn. As it stands, Singapore has yet to create any sort of restrictions to protect investors supporting cryptocurrencies.

This isn’t to say that it’s not doing anything about this problem. Ong Chon Tee, deputy managing director of MAS, said that they are assessing what specific rules they should put into place. The government has warned the public that they should familiarize themselves with blockchain and cryptocurrencies before investing in any sort of venture involving both.

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