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Cryptocurrency Firms Starting to See Singapore as Unhospitable, Nikkei Says
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blockchain.newsCryptocurrency companies that were attracted to Singapore for their crypto-friendly stance have begun to realise the difficulty of legally operating in the city-state, Nikkei Asia reported.
According to figures released by Singaporean regulators, more than 100 of around 170 cryptocurrency businesses that applied for licensing have been turned down or withdrawn their applications. While many more, operating under exemptions, face an uncertain future.
Singapore's introduction of the licensing regime in January this year was put forward as the next step in building a booming crypto sector and providing equal opportunities for all.
While the Monetary Authority of Singapore (MAS) supports innovation in the use of blockchain technology, which
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