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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.
SAFE has emerged as the best-performing altcoin of the day, with its price surging 5% in the last 24 hours and its market capitalization now close to $300 million. The coin is showing strong technical indicators despite some mixed signals from momentum oscillators that suggest consolidation may be on the horizon.
Technical analysis of the EMA lines remains bullish, with short-term averages positioned favorably above long-term ones, pointing to continued strength in the immediate term. However, recent RSI and BBTrend readings indicate a potential cooling-off period could be approaching as the asset digests its recent gains.
SAFE RSI Is Back To Neutral Levels After Reaching Overbought Levels
The SAFE RSI is currently at 54.71, maintaining a neutral position for the past three days after experiencing significant momentum earlier in the week.
This moderation in the indicator suggests that the previous buying pressure has subsided somewhat, allowing the asset to consolidate following recent price movements.
The current neutral reading indicates a balanced market where neither buyers nor sellers have a decisive advantage.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. Generally, an RSI reading above 70 is considered overbought, suggesting a potential reversal or pullback, while readings below 30 indicate oversold conditions that might precede a bounce.
With SAFE’s RSI recently peaking at 87 just four days ago, the asset was in strongly overbought territory, signaling excessive buying enthusiasm. The current value of 54.71 represents a significant cooling off from those extreme levels, suggesting that SAFE’s price could be entering a period of stabilization.
This moderation may provide a healthier foundation for sustainable price action moving forward, as the previous overbought conditions have been worked through without dropping into oversold territory. This potentially indicates underlying strength in the asset despite the retreat from recent highs.
SAFE BBTrend Is Still High, But Down From Yesterday
The SAFE BBTrend is currently at 13.6, maintaining a positive position for the last two days after reaching a peak of 19.39 yesterday.
This recent positive trend suggests that the price movement has been gaining momentum, though there appears to be some moderation from yesterday’s higher reading.
The continued positive BBTrend indicates that the asset is still showing strength, despite the slight pullback from yesterday’s peak value.
BBTrend (Bollinger Bands Trend) is a technical indicator that measures the strength and direction of a trend by analyzing the relationship between price and Bollinger Bands.
The indicator typically ranges from negative to positive values, with readings above 0 indicating a bullish trend and readings below 0 suggesting a bearish trend. With SAFE’s BBTrend at 13.6, this suggests a moderately strong bullish trend that could indicate potential for continued upward price movement in the near term for the altcoin.
However, the decrease from yesterday’s 19.39 peak might signal some slowing in momentum, potentially leading to consolidation before the next significant move higher.
Will SAFE Uptrend Revert Soon?
SAFE EMA lines are still bullish, with short-term lines positioned above long-term ones. This positive alignment of exponential moving averages indicates continued upward momentum in the price action.
If this uptrend momentum maintains its strength, SAFE could potentially climb to test the resistance level at $0.72.
Should this resistance be successfully broken, the next target would be $0.879. The altcoin could exceed $0.90 for the first time since January 19, sustaining its momentum as one of the most trending altcoins.
On the other hand, as indicated by the RSI and BBTrend indicators, the uptrend appears to be losing some momentum. This could signal a potential reversal in the near future.
If the trend does reverse, SAFE might test the nearby support level at $0.54, which sits precariously close to the current price.
Should this support level fail to hold, further downside could see SAFE decline to test subsequent support levels at $0.48 and $0.40. In a worst-case scenario, a drop all the way to $0.35 could potentially occur.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
A new report claims that President Trump and his immediate family receive most of WLFI’s revenues. The Trumps are entitled to 75% of token sale revenues, about $400 million, and 60% of other incomes.
If these numbers are even partially accurate, they raise significant concerns about potential conflicts of interest. They also raise questions about the broader implications for transparency and accountability regarding Trump’s crypto policies.
Does the Trump Family Receive WLFI Proceeds?
World Liberty Financial (WLFI), a project affiliated with President Trump, has made a lot of waves in the crypto space since the end of last year. After persistent rumors of a Binance partnership, WLFI officially launched a new stablecoin, USD1. There is no clear evidence of Binance’s involvement in this launch. However, a new report from Reuters has disclosed some disturbing details.
Essentially, it claims that it has found evidence of how much of WLFI’s revenues go directly to Trump’s family. Trump will get 75% of revenues from token sales and 60% from subsequent operations. WLFI completed its major token sale, which would, therefore, entitle the Trumps to about $400 million.
Reuters calculates that 5% of proceeds from this token sale would actually fund WLFI’s platform, with the rest going to other co-founders. Further, its buyers are not able to actually resell their tokens, and it’s unclear what governance actions they could influence. There’s not an apparent reason for the average retail trader to actually buy these assets.
If these numbers are true, they could represent a serious conflict of interest and a dire threat to the US economy. First, community leaders like Vitalik Buterin warned of corruption from political meme coins like TRUMP. If Trump gets a cut of WLFI’s token sales, that’s already a huge avenue for misuse.
Additionally, since Trump is making huge changes to US financial regulators, there may not be anyone to investigate WLFI corruption allegations. For example, TRON founder Justin Sun invested $30 million into WLFI, and the SEC settled a fraud case against him months later. The SEC has been settling all its crypto enforcement actions, but this investment still looks relevant.
“You’ve got the guy in charge who is responsible for his own regulation. WLFI tokens would be the perfect vehicle for governments or oligarchs overseas to funnel money to the president,” former regulator Ross Delston claimed.
The biggest danger might not even come from political corruption or fears of centralization in crypto. Trump recently outlined a plan to use stablecoins to promote dollar dominance, and WLFI now has its own stablecoin. It also has around $111 million in unrealized losses due to its crypto investments and claims it will use “other cash equivalents” in USD1’s reserves.
It’s hard to overstate the potential risks involved. Given Trump’s financial stake in WLFI, there’s a clear incentive to promote the firm’s stablecoin as part of his “dollar dominance” agenda. If this leads to widespread investment in USD1 and the peg doesn’t hold, the consequences could ripple across the entire crypto market.
Simply put, this sort of business arrangement is totally unprecedented for a sitting US President. A few Senators are already investigating Trump’s connections with WLFI. However, their lack of political power and defanged federal regulators may hamper their ability to change anything.
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.
The crypto market just got a shock as BNB plunged below the crucial $605 support level, sending ripples of concern across trading circles. This sudden breakdown comes after weeks of bullish dominance, leaving investors scrambling to answer one critical question: Is this a temporary dip or the start of a major trend reversal?
With weakening momentum and key technical indicators flashing red, BNB charts are telling a worrisome story. The once-steady uptrend now faces its toughest test as the token struggles to maintain its footing in a suddenly bearish market.
Bearish Pressure Builds: Are BNB Sellers Gaining Control?
BNB’s price is facing growing bearish pressure after slipping below the crucial $605 level, signaling a potential shift in market momentum. The failed attempt to hold this key support has allowed sellers to take control, pushing BNB lower and raising concerns about a prolonged decline.
Technical indicators further confirm the increasing strength of sellers. The MACD has turned negative, indicating a loss of upward momentum, while the RSI is trending downward, suggesting that buying pressure is weakening. Additionally, trading volume remains low on attempted rebounds, highlighting a lack of conviction from bulls.
If sellers maintain their grip, BNB could extend its decline toward the next major support zone around $531, which previously served as a short-term bounce level during past corrections. A break below this zone would solidify bearish dominance and cause a deeper decline to $500.
Below $500, the next key level to watch is $454, representing a technical support area. Pushing below this level may trigger an extended sell-off, driving BNB toward other key support levels where traders may look for signs of reversal.
What Needs To Happen For A Rebound
For BNB to stage a meaningful recovery after breaking below $605, the bulls must reclaim key levels and generate strong buying momentum. Its first crucial step is stabilizing above $530, a short-term support zone that could provide the foundation for a reversal. Holding this level would signal that buyers are stepping in, preventing more declines.
A sustained move back above $605 would be the next major confirmation of a recovery. Reclaiming this level as support might shift market sentiment in favor of the bulls and trigger renewed buying interest. Additionally, the Relative Strength Index (RSI) needs to rebound from oversold conditions, while the MACD crossover into bullish territory would reinforce an upside move.
For a stronger bullish outlook, BNB would need to push past $680, a level that previously acted as resistance. Breaking above this zone with increasing volume could confirm a trend reversal toward $724 and $795, marking a full recovery from recent losses.
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