Singapore is a country known for its business-friendly practices and constructive governmental support. The country has been at the forefront of many technological and business shifts that we have witnessed in the last few decades. More importantly, Singapore is witnessed as one of the friendliest countries having an open attitude for the adoption of cryptocurrency and blockchain technology. Just a few days back, the Government of Singapore has proposed to exempt cryptocurrency from the goods and services tax (GST) which is expected to usher in a new era of embracement for the digital coins.
Binance and Singapore
Even before this announcement of this proposed exemption has been made, the Binance had opened cryptocurrency exchange in Singapore, albeit in a hushed manner. So that you know, Binance is the world largest cryptocurrency exchange in terms of traded volume daily. This has enabled the investors in Singapore to deal in the cryptocurrency assets using their Singaporean dollar (SGD). Unlike some of the other events, this opening was quite subdued and the fanfare and glitter that one usually relates to the opening of such exchanges. And now, in one of the latest Tweets from the chief executive officer (CEO) of Binance, Changpeng Zhao (aka CZ) Singapore city has found mention and the spirit of the tweet is highly positive and optimistic. Praising the city for its diversity, cultural heritage, open-mindedness, and ultra-futuristic development that it has already been able to achieve, Zhao wishes the city on its 54th Birthday.
It is not uncommon for the business persons to use their Twitter handle to put out supporting tweets with respect to countries or cities, especially when these are important from their business perspective. Many followers of the CEO responded positively with most of them enumerating and complementing positives of Singapore city. While some found the swift immigration clearance of Singapore as its biggest strength, others talked about the crypto-friendly nature of the city. However, some responses also talked about the quick and fast service provided by the Binance to its users and thanked the company for being there as a helping hand for purchase/sell of the digital coins. Zhao also touched upon cryptocurrency-friendly policies adopted by Singapore, which got resounding support from his followers.
Singapore’s crypto-friendly regulations
There is no doubt about the fact that Singapore has carved out space for itself in the crypto sphere with the government trying to reaching out to crypto companies and investors in a friendly and open manner. Unlike some other big economies in the world which continue to adopt a hostile stance towards the digital coins, Singapore has shown the way how one can take along both the industry and investors concern simultaneously. Zhao also in one of the recent interviews praised the Singaporean government and said that Singapore fully understands and supports the financial innovation. The CEO even went on to say that the city is going to lead the next financial revolution that is coming in the form of digital currency across the globe.