With rising regulatory scrutiny, KPMG predicts that Singapore’s crypto investment will stay high this year.
According to KPMG’s Pulse of Fintech report, Singapore saw a tenfold growth in crypto-related investments totaling USD1.48 billion last year, up from USD110 million in 2020. The raise is partly due to government efforts to enhance the financial market, such as the establishment of a special-purpose acquisition company (SPAC) detailing framework to place the country as an ideal destination for fast-growing companies.
Regulators are stepping up their attempts to control speculative digital assets this year. Despite the government’s increased restrictions, KPMG predicts that Singapore’s crypto investment will stay high this year.
“Rather than services, the majority of bitcoin and blockchain investments were made in infrastructure layers and software. The embryonic industry accounted for a third of overall fintech investment in Singapore, which reached USD 3.94 billion last year. Fintech investment in Asia-Pacific reached a new high of USD 27.5 billion in 2021, with total funding exceeding USD 17.4 billion. Venture capital financing reached USD 19.6 billion in 2021, up from USD 11.5 billion in 2020”, KPMG said.
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