Race for regulation: why Singapore and Switzerland are vying to give cryptocurrency a home

For years, regulators have approached the crypto Sunday with a mixture of hostility, bewilderment and confusion. But lately things have started to change. 

Several countries have been leaders in creating fertile land for creating offices and legal entities for crypto companies.whether it’s legalizing the operation of exchanges, allowing citizens to buy, buy and trade their currencies, or issuing bank licenses for Defi projects. 

For regulators, there are many advantages to bringing crypto projects together to host their country: Dec.21 in the future.it’s an opportunity to make some gains in the rapidly booming Defi Sunday, not to mention creating a hub for crypto startups that could turn into the equivalent of century-old Silicon Valley. 

There are currently two countries and two states that most clearly welcome the crypto, but the others are not far behind. 

Historically, Hong Kong has been Asia’s dominant financial center. But in recent years, thanks to China’s increasingly aggressive stance on including the former British colony in Beijing’s orbit, Singapore has become Asia’s new financial hub. 

While Singapore has been a direct beneficiary of turbulence in the South China Sea, it has been on the heels of Hong Kong for years. The city-state has worked tirelessly to make the country a place to do business in Asia. As a result, there are about 40% of Southeast Asian fintech companies.

According to the World Bank, Singapore ranks second in business volume – just after New Zealand. 

Singapore Exchange releases crypto indices for first time
The country gave this courtesy and crypto companies. Kucoin, kyber Network, CoinGecko, Zilliqa, enjin, aelf and Qtum all mention a country house. According to the FinTech Times blockchain map, there are currently 234 companies operating in the country, adding 91 new arrivals in 2020.

Legally, Singapore has a long price to pay

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