SINGAPORE

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• Recently Cryptocurrency sector in Singapore has been surprised by the recent collapse of Three Arrows Capital (3AC), a cryptocurrency hedge fund.
• Digital currencies like Bitcoin losing roughly half their value since the start of May.

The reason behind increasing crypto investment in Singapore;

• In 2021, Singapore's crypto and blockchain companies have experienced an increase in investment of $1.48 billion; this amount was more than 10 times the previous year.
• Singapore is one of Asia’s main investment banking and asset management centres.
• Huobi, a crypto exchange initially focused on China, now has a major presence in Singapore.
• US crypto exchange firm ‘Gemini’ has set up regional Asia headquarters in Singapore.
• The country has a licencing regime for crypto companies, this attracted many companies.
• Many industries have applied for licences in Singapore.
• DBS, Singapore’s largest bank, has recently launched its crypto exchange.

Singapore

• Singapore is officially known as the Republic of Singapore.
• It is a sovereign island country in Southeast Asia.
• It lies about one degree of latitude north of the equator.
• Borders:
  • The Malay Peninsula in the North.
  • Strait of Malacca in the West.
  • Singapore Strait in the South.
  • The South China Sea in the East.
  • The Straits of Johor in the North.
• It has the 3rd highest population density in the world.
• Singapore is the only country in Asia with an AAA sovereign credit rating from all major rating agencies.
• It is major aviation, financial and maritime shipping hub.
• It has been consistently been ranked as one of the most expensive cities to live in.
• It ranks high in key social indicators: education, healthcare, quality of life, personal safety, infrastructure and housing.

https://indianexpress.com/article/explained/explained-singapore-rise-falter-asia-crypto-hub-8025408/

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