Singapore becomes an ideal location for Bitcoin miners

After the Chinese government launched a crackdown on cryptocurrencies, many Bitcoin miners decided to "migrate" to Singapore.

According to the Financial Times, while Chinese governments launch a radical crackdown on cryptocurrencies, Singapore welcomes the emergence of a “crypto economy”. Not yet officially licensed for crypto companies to operate, the Singapore government still exempts some major players in the crypto industry from licensing, allowing them to serve investors and merchants alike. local retail.

Government investment fund GIC and investment firm Temasek have spent hundreds of millions of dollars in the crypto space. The Monetary Authority of Singapore also supports cryptocurrency mining pools to set up and provide services to citizens amid restricted transactions.

The Singapore Exchange has even launched 2 crypto investment indices on its system. “Cryptocurrency miners from all over the world realize that Singapore is welcoming this crypto asset,” the FT quoted the founder of a Singapore-based crypto startup.

Exempt from a license in Singapore, the world's leading exchange Binance posted a job advertisement for more than 200 employees in the city on LinkedIn in June. Vilatik Buterin - the founder of the cryptocurrency Ether - is headquartered in the lion island nation. OSL - a Hong Kong-based exchange - aims to double its staff by the end of the year.

“The prerequisite for miners to come in is regulatory issues. Singapore is very clear and precise about how they engage in the crypto and digital asset markets,” said Kanny Lee, OSL Singapore office chief.

According to Jeremy Ng - Director of Gemini exchange, Singapore is a major financial center in Asia with an abundant customer base. “Many asset management companies have a need for crypto solutions,” he shared.

For the leader of the crypto-asset security and trust company BitGo, if it weren't for the weak in natural resources, Singapore could become a "remarkable competitor" in the field of cryptocurrencies.