China’s crackdown of all crypto-related activities in the country has opened avenues for other regions to be the next hub of cryptocurrency in the world. In SE Asia, Singapore is fast emerging as the leading hub of cryptocurrency. A number of factors are responsible for this stellar growth of cryptocurrency-related activities in Singapore. While some of the reasons pertain to economic and political policies, others are due to the nation’s geopolitical position.
There has been a steady shift towards Singapore when it comes to cryptocurrency professionals. Singapore has welcomed crypto miners from China, where they would be arrested for mining cryptocurrencies. Singapore has taken conscious efforts to make the country crypto-friendly. In essence, Singapore made the best of China’s ban by opening its gates for crypto entrepreneurs and miners. For instance, Chinese cryptocurrency exchange Huobi has closed all their Chinese registrations. Instead, Huobi is now functions and operates from Singapore.
Huobi is a big name in the cryptocurrency sector. It is one of the biggest cryptocurrency exchanges in the world in terms of trading volume. Similarly, cryptocurrency exchanges like BitMart and BiKi are no longer operational in China and instead run from Singapore. Even price comparison websites like CoinMarketCap and CoinGecko are no longer operational in China. According to reports from PeckShield, capital outflow from crypto agencies in China has seen a 62% increase. ByBit and OKCoin are two other examples of cryptocurrency exchanges that are now fully operational from Singapore. The trend shows a clear favoring of Singapore by cryptocurrency exchanges. As things indicate, Singapore is set to be the hub of cryptocurrency in Southeast Asia