SINGAPORE’S AMBITIONS TO BECOME A GLOBAL HUB FOR CRYPTO

As the world is rushing to adopt Crypto and Web 3.0, Singapore is seeking to be a key player for cryptocurrency-related businesses as financial centers around in the world.

Crypto and NFT is one of the fastest growing areas of finance and the city state is “interested in developing crypto technology, understanding blockchain, smart contracts and preparing ourselves for a Web 3.0 world,” in the recent Singapore Fintech Festival hosted by MAS.

While NFT adoption on the rise in Singapore, 6.8% of Singaporean internet users currently have NFTs and 11.0% plan to own NFTs in the future. And every Two in five Singaporean internet users know what NFTs are.

Its interesting to know that NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%).

When Vignesh Sundaresan, known to the cryptocurrency community as MetaKovan, made headlines in March 2021 for his record-breaking purchase of Beeple’s “Everydays: The First 5000 Days” NFT for over $69 million.Non-fungible tokens (NFTs) adoption are picking interest among Internet users in the last couple of months. While many still do not understand what NFTs are or how they work, users in Southeast Asia represent a high percentage of global NFT users.

According to statistics from Finder.com’s Global NFT Adoption report, Southeast Asian users make up the most NFT users based on the 20 countries surveyed.

The Philippines has the most NFT owners (32%) out of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), the UAE (23%), and Vietnam (17%). On the other end of the spectrum, Japan has the smallest percentage of Internet users with NFTs (2%), followed by the UK and the US (3% each), Germany (4%), Australia (5%), and Canada (6%).

Source: https://medium.com/@BK.HAN/singapores-ambitions-to-become-a-global-hub-for-crypto-15532f174465