KPMG experts in a report on the state of fintech said that investment in the crypto industry in Singapore increased 13 times over the year, to $1.48 billion.
The Pulse of Fintech report states that in the year before last, 2020, the volume of investments did not exceed $110 million. In 2021, investments in the crypto industry accounted for a third of all investments in financial technologies in Singapore.
Analysts suggest that the explosive growth of investments was influenced, among other things, by the city government, which is diligently developing the industry. The state has created a Special Purpose Acquisition Company (SPAC) listing system to attract high-growth companies and start-ups to the city.
KPMG experts predict that despite pressure from regulators, investments in Singaporean crypto-currency companies will grow. According to the results of the study, most investments in crypto assets and blockchain are focused on building software and basic infrastructure, rather than services.
Earlier, the Monetary Authority of Singapore (MAS) banned the advertising of cryptocurrency projects and the installation of cryptomats, explaining this with consumer protection.
Source: Bits
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