As reported by Nikkei, Singapore is becoming a less attractive option for cryptocurrency businesses operating in the region. This is due in part to the country's strict regulations and hesitance to embrace blockchain technologies.

Reasons Singapore is Unfriendly Towards Cryptocurrency

Singapore is one of the strictest countries with regards to regulation of cryptocurrency activities. Here are some of the reasons why Singapore is so unfriendly towards cryptocurrency companies:

  • Regulatory Requirements: Cryptocurrency companies in Singapore must adhere to strict reporting and know your customer (KYC) requirements. These requirements make it difficult for companies to operate in the country.
  • High Tax Rates: Singapore has one of the highest tax rates in the world. This can be a major expense for cryptocurrency companies operating in the country.
  • Lack of Support: The government has been slow in providing support for blockchain technologies and has not been encouraging of cryptocurrency companies.
  • High Cost of Living: The high cost of living in Singapore can make it difficult for cryptocurrency companies to hire and retain talent.


As more and more cryptocurrency businesses are looking to set up shop in the region, it is becoming clear that Singapore is not the ideal destination for such operations. Regulatory issues, high costs, and lack of support have made the country a less attractive option for cryptocurrency businesses.

It is likely that businesses will continue to look for other countries that are more open to embracing blockchain technologies and offering more favorable conditions for cryptocurrency companies.