Market
How Singapore Became the World’s Most Crypto-Friendly Country

Singapore is a leading country in blockchain technology and cryptocurrency adoption. Its supportive regulatory environment, clear legal guidelines, and strategic position as a global financial hub are among the factors that have made the country so appealing for crypto businesses and innovation.
BeInCrypto spoke with Alex Svanevik, CEO and Co-founder of Nansen, a Singapore-based blockchain analytics firm, to understand what makes the country one of the most crypto-friendly nations in the world.
Singapore Leads Global Ranking for Blockchain Innovation
Countries that prioritize investments in talent, infrastructure, and regulation are positioned to lead in digital innovation and reshape global industries.
In 2024, an Apex report ranked Singapore as the top country in blockchain and crypto technology, achieving the highest score of 85.4. The nation has over 2,400 blockchain-related jobs and 81 crypto exchanges, showing its strong workforce and infrastructure development focus.

The study evaluated countries based on a composite index that considered factors such as blockchain patents, job growth, and the number of cryptocurrency exchanges.
“Singapore has established itself as a global leader in the crypto space due to its progressive regulatory framework, pro-innovation policies, and robust government support for blockchain technology. Clear legal guidelines for digital assets, a favorable tax regime, and active engagement with industry stakeholders create an environment where crypto businesses and blockchain innovations can thrive,” said Svanevik.
The country’s reputation as a global finance and fintech center has also attracted international crypto firms and investors seeking stability and growth opportunities.
A Balanced Regulatory Approach
An intrinsic aspect of Singapore’s success lies in its regulatory framework, which balances consumer protection without stifling innovation.
In 2019, Singapore introduced the Payment Services Act (PSA), a comprehensive licensing regime for Digital Payment Token (DPT) service providers.
The bill encompasses cryptocurrency exchanges and wallet providers. It enhances consumer protection, combats terrorism financing, and strengthens cybersecurity measures within the financial sector.
Alongside this legislation, the Monetary Authority of Singapore (MAS) requires detailed checks on anti-money laundering (AML) and counter-terrorism financing (CTF). Firms must also prove strong cybersecurity practices.
“This risk-adjusted framework promotes technological progress while ensuring financial security and integrity,” Svanevik told BeInCrypto.
These regulatory measures establish guidelines nationwide, facilitating crypto adoption for investors and consumers.
Steering Innovation with Consumer Protection
In safeguarding users against security threats or fraudulent activity, Singapore has also gained a reputation for taking consumer protection very seriously.
For crypto businesses to operate in the country, they must comply with consumer protection laws.
“Singapore prioritizes consumer protection within its crypto sector through stringent regulations. MAS requires DPT services providers to implement robust security protocols and conduct thorough customer due diligence. The Singapore Police Force collaborates with MAS to actively monitor and address fraudulent activities involving digital assets,” Svanevik explained.
In November 2023, MAS announced plans to implement stricter regulations for DPT providers. These regulatory changes required service providers to adapt their operations and business practices to comply with the new regulatory framework.
The MAS implemented these new regulations in two stages. The first stage, which focused on customer asset ring-fencing, disclosures, and risk management controls, came into effect in October 2024.
The second phase will take place in six months.
“Starting June 19, 2025, new regulations mandate that crypto firms perform risk awareness assessments for retail customers to ensure informed decision-making,” Svanevik said.
Specifically, these regulations prohibit licensed firms from offering incentives to attract retail customers. Given the inherent volatility of the cryptocurrency market, they also restrict the use of leverage or derivatives contracts referencing cryptocurrencies as underlying assets with retail investors.
Crypto firms must conduct risk awareness assessments for all existing retail customers before the enactment of the second phase of regulations as a prerequisite for continued service provision.
A Favorable Taxation System
Singapore’s flexible tax regime has also offered significant advantages to crypto investors and businesses.
A notable feature of Singapore’s tax system is the absence of a capital gains tax. In many countries, profits from the sale of cryptocurrencies are subject to capital gains tax, which can significantly impact investor returns.
Singapore’s tax code differentiates personal investments from business activities. Its regime exempts personal cryptocurrency investments from the capital gains tax, providing individual investors with a more favorable tax environment. However, this exemption does not apply to business activities related to cryptocurrency trading.
With the same idea, Singapore exempts digital payment tokens like Bitcoin and Ethereum from transactions using the standard 8% Goods and Service Tax (GST).
This exemption significantly reduces the tax burden on cryptocurrency transactions, making Singapore an attractive destination for cryptocurrency businesses, including exchanges, wallet providers, and other companies operating within the digital asset ecosystem.
Singapore’s taxation system also applies a comparatively low corporate tax rate to businesses.
“A competitive 17% corporate tax rate supports the growth of crypto startups and blockchain enterprises, solidifying Singapore as a global innovation hub,” Svanevik told BeInCrypto.
For reference, the United States has a corporate tax rate of 21%. Estonia, another leading blockchain nation, has a rate of 22%, while South Korea’s rate stands at 27.5%.
DBS Bank as a Vital Player in Digital Asset Adoption
Singapore’s DBS bank has played an instrumental role in creating a national platform for trading digital tokens.
In 2020, DBS launched the DBS Digital Exchange (DDEx), becoming one of the first banks in the world to offer institutional and accredited investors access to cryptocurrency and security token trading.
In September 2022, DBS extended DDEx’s reach to 100,000 of its most influential clientele. The bank enabled accredited clients with at least $246,000 in investable assets to buy, sell, and trade available cryptocurrencies.
Two years later, DBS expanded product offerings to include crypto options trading and structured notes for sophisticated investors. Eligible DBS clients gained broadened access to digital assets while hedging against market volatility and potentially earning yield.
“DBS Bank’s proactive engagement not only bolsters market credibility but also positions Singapore as a model for harmonizing traditional finance with emerging blockchain technologies. This alignment of institutional finance with digital innovation sets a precedent for how global banks can adopt and scale blockchain solutions responsibly,” Svanevik said.
The bank also introduced DBS Token Services, integrating blockchain solutions with core banking operations to streamline digital asset management. The program connects the bank’s functions to an EVM-compatible blockchain, enabling tokenization and smart contracts.
Last May, Nansen disclosed in an X post that it had identified DBS bank as the alleged owner of an ETH whale wallet holding 173,753 Ether, worth $650 million at the time.
“This substantial holding underscores the growing institutional confidence in digital assets, signaling a pivotal shift where traditional financial institutions are increasingly integrating crypto into their core strategies,” Svanevik added.
Given that DBS Bank is well-versed in crypto, this revelation was more of a shock than a surprise.
An Ongoing Series of Initiatives
Singapore continued to lead in blockchain integration with several recent key initiatives.
In 2022, Singapore entered the decentralized finance (DeFi) space with a live test of digital asset trading across liquidity pools. This live transaction, involving tokenized deposits, marked the first industry pilot conducted under the MAS’s Project Guardian.
“Project Guardian, spearheaded by MAS, explores asset tokenization to enhance financial market efficiency through collaboration with industry leaders,” Svanevik said.
Last November, MAS announced adding five new pilot programs on asset tokenization as part of Project Guardian. This was part of a larger effort to develop ways to scale tokenized markets.
“Ongoing industry pilots are advancing asset tokenization across financial sectors, reinforcing Singapore’s role as a blockchain innovation leader,” Svanevik added.
These five industry trials will explore the potential of asset tokenization. They aim to facilitate greater integration across the entire capital markets value chain, encompassing activities such as listing, distribution, trading, settlement, and asset servicing.
This week, the National University of Singapore (NUS), in collaboration with Northern Trust and UOB, announced the launch of a pioneering initiative to tokenize green bond credentials.
This initiative uses blockchain technology to enhance transparency, data integrity, and investor confidence in sustainable investment practices.
It also represents a significant step forward for NUS, making it the first university in Singapore to leverage blockchain technology for environmental, social, and governance (ESG) reporting. This initiative aims to enhance transparency, data integrity, and investor confidence in sustainable investment practices by utilizing blockchain technology.
Collaboration Between Public and Private Institutions
Singapore also actively drives blockchain adoption across both public and private sectors, according to Svanevik.
Toward the end of 2020, the Enterprise Singapore (ESG), the Infocomm Media Development Authority (IMDA), and the National Research Foundation (NRF) launched a $12 million Singapore Blockchain Innovation Programme (SBIP).
This industry-driven initiative aimed to engage nearly 75 companies in developing 17 blockchain-related projects within the next three years, focusing initially on the trade, logistics, and supply chain sectors.
“The Singapore Blockchain Innovation Programme (SBIP) fosters collaboration among government agencies, academic institutions, and private enterprises to enhance blockchain capabilities,” Svanevik told BeInCrypto.
That same year, Singapore’s MAS concluded Project Ubin, a five-stage collaborative project with different financial institutions and industry players to explore using blockchain and Distributed Ledger Technology (DLT) for payments and securities settlements.
In 2023, MAS also developed the Orchid Blueprint, a strategic framework for building a secure and efficient digital money infrastructure. This blueprint outlines key components for the safe and novel use of digital money in Singapore, drawing insights from previous industry trials and emphasizing the value of collaboration between central banks and the private sector.
“Singapore’s proactive approach to regulation, innovation, and collaboration positions it as a global leader in the crypto and blockchain ecosystem,” Svanevik concluded.
As Singapore invests in infrastructure, establishes regulatory clarity, and provides government support, it will likely continue to lead the leadership ranks of global crypto and blockchain innovation.
Disclaimer
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Vitalik Buterin Proposes to Replace EVM with RISC-V

Ethereum (ETH) co-founder Vitalik Buterin has proposed overhauling the blockchain’s smart contract infrastructure by replacing the Ethereum Virtual Machine (EVM) with RISC-V, a widely adopted open-source instruction set architecture.
This shift aims to address one of Ethereum’s key scaling bottlenecks by dramatically improving the efficiency and simplicity of smart contract execution.
Buterin Proposes Ditching EVM for RISC-V
The proposal was detailed in a post on the Ethereum Magicians forum. In it, Buterin suggested that smart contracts could eventually be compiled to RISC-V rather than EVM bytecode.
According to Buterin, this shift addresses long-term scalability challenges. This particularly includes keeping block production competitive and improving zero-knowledge (ZK) EVM-proof efficiency.
“It aims to greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity – in fact, it is perhaps the only way to do so,” he wrote.
Current ZK-EVM implementations spend around half of their proving cycles on EVM execution. By switching to a native RISC-V VM, Ethereum could potentially achieve up to 100x efficiency gains.
Importantly, many fundamental aspects of Ethereum’s architecture would remain unchanged, preserving continuity for developers and users. Core abstractions such as accounts, smart contract storage, ETH balances, and cross-contract calls would function exactly as they do today.
Developers would still write contracts in familiar languages like Solidity or Vyper. These would simply be compiled to RISC-V rather than EVM bytecode. Tooling and workflows would remain largely intact, ensuring a smooth transition.
Crucially, the proposal ensures backward compatibility. Existing EVM contracts will remain fully operational and interoperable with new RISC-V contracts.
Buterin outlines several potential implementation paths forward. The first would support both EVM and RISC-V smart contracts natively. The second suggests wrapping EVM contracts to run via an interpreter written in RISC-V. Thus, it would enable a full transition without breaking compatibility.
The third, more modular approach, builds on the second by formally enshrining interpreters as part of the Ethereum protocol. This would allow the EVM and the future virtual machines to be supported in a standardized way.
Buterin stated that the idea is “equally as ambitious as the beam chain effort.”
“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum. But for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin added.
For context, the Ethereum Beam Chain is a redesign of Ethereum’s consensus layer (Beacon Chain). It focuses on faster block times, faster finality, chain snarkification, and quantum resistance. The development will likely begin in 2026.
This proposal fits into Ethereum’s broader vision of modularity, simplicity, and long-term scalability. Previously, BeInCrypto reported on Buterin’s privacy-centric plans for the blockchain.
The proposal focused on integrating privacy-preserving technologies. Moreover, the Pectra upgrade is also nearing, with the launch expected on May 7.
Meanwhile, ETH continues to face market headwinds, trading at March 2023 lows. This year has been quite hard for the altcoin, as it saw a decline of 50.8%. In fact, Ethereum dominance hit a 5-year low last week.

Nonetheless, BeInCrypto data showed a slight recovery over the last 14 days. ETH rose by 6.1%. Over the past day alone, it saw modest gains of 1.7%. At the time of writing, ETH was trading at $1,639.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana Rallies Past Bitcoin—Momentum Tilts In Favor of SOL

Solana started a fresh increase from the $120 support zone. SOL price is now consolidating and might climb further above the $142 resistance zone.
- SOL price started a fresh increase above the $125 and $132 levels against the US Dollar.
- The price is now trading above $130 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $142 resistance zone.
Solana Price Gains Over 5%
Solana price formed a base above the $120 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $125 and $132 resistance levels.
The pair even spiked toward the $145 resistance zone. A high was formed at $143.06 and the price is now retreating lower. There was a move below the 23.6% Fib retracement level of the upward move from the $135 swing low to the $143 high.
Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $135 swing low to the $143 high.
On the upside, the price is facing resistance near the $142 level. The next major resistance is near the $145 level. The main resistance could be $150. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.
Pullback in SOL?
If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $138.50 zone. The first major support is near the $137 level and the trend line.
A break below the $137 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $137 and $132.
Major Resistance Levels – $142 and $145.
Market
Bitcoin Price Breakout In Progress—Momentum Builds Above Resistance

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Bitcoin price is slowly moving higher above the $86,500 zone. BTC is gaining pace and might continue higher in the near term.
- Bitcoin found support at $84,200 and started a recovery wave.
- The price is trading above $85,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $88,000 zone.
Bitcoin Price Eyes Steady Increase
Bitcoin price remained stable above the $83,200 level and started a fresh increase. BTC was able to climb above the $84,200 and $85,000 resistance levels.
There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the $86,500 resistance. It even spiked above $87,000. A high is formed near $87,562 and the price might continue to rise unless there is a move below the 23.6% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high.
Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,500 level. The first key resistance is near the $88,000 level.

The next key resistance could be $88,800. A close above the $88,800 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $88,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,750 level.
The next support is now near the $86,000 zone. Any more losses might send the price toward the $85,750 support or the 50% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high in the near term. The main support sits at $84,850.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $86,750, followed by $86,000.
Major Resistance Levels – $87,500 and $88,000.
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