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Singapore's crypto regulation more mature, but adoption lags behind
The Straits Times
|December 13, 2024
Cryptocurrency hubs like Singapore, Hong Kong, the United Arab Emirates (UAE), and Switzerland may have more mature regulation, but domestic adoption is lower, a report has found.
An analysis by blockchain intelligence firm TRM Labs issued on Dec 12 noted that this could be due to the global nature of the digital asset ecosystems in these four jurisdictions.
The global crypto policy review and outlook said that Singapore and the other three places already have more developed digital payment landscapes.
In terms of crypto adoption, the report said Singapore ranks 75th, behind Hong Kong's 42nd spot, the UAE's 61st rank, and Switzerland's 60th position. India was top in crypto adoption, followed by Indonesia, out of more than 150 jurisdictions.
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