Singapore saw 13x jump in crypto investments in 2021: KPMG

Singapore has seen a tenfold summation successful crypto-related investments past twelvemonth worthy $1.48 billion, up from $110 cardinal successful 2020, according to KPMG's Pulse of Fintech report.

As per the study, the city-state has agelong been recognized arsenic a halfway of cryptocurrency activity, with implicit $1.48 cardinal successful concern completed past twelvemonth alone.

KPMG suggests that the summation is successful portion owed to authorities efforts to stimulate the superior market, specified arsenic establishing a special-purpose acquisition institution (SPAC) listing model to presumption the state arsenic a prime determination wherever fast-growing firms and unicorns tin spell public.

This year, regulators are ramping up their efforts to modulate speculative integer assets. Even arsenic authorities enforce adjacent much regulation, KPMG forecasts that Singapore's crypto concern volition stay beardown this year.

As reported by Cointelegraph, the cardinal slope ordered cryptocurrency firms to halt advertising their services to the wide nationalist successful aboriginal January. Furthermore, astir applicants have failed to walk the licensing procedure for permits to run a regulated cryptocurrency concern successful Singapore.

Per the KPMG report, the bulk of cryptocurrency and blockchain investments past twelvemonth were focused connected bundle and underlying infrastructure alternatively than services. The nascent assemblage made up a 3rd of full fintech concern successful Singapore, which roseate to $3.94 cardinal past twelvemonth arsenic per KPMG.

KPMG besides highlighted that Asia-Pacific's fintech investing deed a grounds precocious of $27.5 cardinal successful 2021, with full backing surpassing $17.4 cardinal successful the 2nd fractional unsocial (compared to $11.5 cardinal successful 2020). In 2021, task superior backing roseate to $19.6 cardinal from $11.5 cardinal successful 2020.