A summarised version of what I said:
“The trend is obvious. Businesses are moving away” to markets like Dubai and Europe
With the exchange’s core market in Latin America, Lian says his firm has no plans to apply for a license in Singapore.
Binance had served as a litmus test for crypto firms looking to set up a base in Singapore
“Singapore is openly welcoming everybody, then openly rejecting almost everybody.” It “makes people think, ‘is Singapore not a place that I can set up? Is Singapore not a place for me to house myself’?”
While smaller crypto projects and decentralized autonomous organizations (DAOs) from Vietnam and Thailand still find Singapore an attractive location, more than half of “large exchanges” operating in Singapore no longer think that the city-state is a viable location for their Asia headquarters.
Binance’s departure simply hastened the exits of other crypto companies out of the city-state, which began six months ago.
Dubai’s openness has drawn a flood of crypto-natives to the city
Singapore’s success in the international markets and its ever-ready finance infrastructure is also known in the global markets. I want Singapore to maintain its lead in the crypto space too. As a Singaporean, I hope to see Singapore grow into that crypto hub for Asia.
Perhaps that is the “kiasu” mindset in me :>
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author. The latest book is Web4: The Age of Autonomous Intelligence.