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Daily Digest | Is Singapore a crypto haven?

Written by The Uptake Published on     1 min read

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China’s criminalization of crypto transactions and services may be a boon for Singapore.

Hey. It’s Brady.

By now, you’ve likely heard that China has implemented its strictest ban on cryptocurrencies yet, criminalizing all crypto transactions and related services within its borders.

This isn’t a surprising development. It’s a continuation of an existing trajectory that has been realized over the years. Savvy founders have already relocated their business operations (or even themselves) to locations with friendlier regulatory environments, like Singapore.

Even though some centralized exchanges have halted new signups in China and are dropping their existing Chinese users, the fact is there are easy workarounds for anyone who wants to trade these digital assets. It isn’t quite clear how the authorities plan to “root out” cryptocurrency-related activities, but it does look like law enforcement will be more active in this space than before.

Jiaxing had the story. You can check it out here.

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