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Several high-profile crypto collapses have shone a harsh light on digital-asset regulation in the city-state.
Singapore’s central business district.
Photographer: Darren Soh/Bloomberg
Victoria Vergolina
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Singapore was an early proponent of crypto regulation, attempting to establish itself as a hub for global digital-asset companies long before similar pronouncements by countries like the UK.
For a while, the city-state succeeded. Then 2022 arrived. It’s been a year of high-profile crypto failures and market meltdowns. Several of the biggest casualties of the crypto winter, such as hedge fund Three Arrows Capital, call Singapore home. Vauld, Zipmex and Hodlnaut — all of which sought protection from their creditors after being unable to meet their financial obligations — were also based there. These collapses have shone a harsh light on the city-state’s regulatory framework.
What’s next for crypto in Singapore? Bloomberg reporters Joanna Ossinger and Suvashree Ghosh join this episode.
Follow us on Twitter @crypto, and subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter
