Cryptocurrency investment in Singapore increased 10 times

 Cryptocurrency investment in Singapore increased 10 times

A KPMG report shows that investment in the crypto and blockchain sectors in Singapore has hit a record, nearly touching $1.5 billion last year.

The "Pulse of Fintech" report released by KPMG today says there are 82 digital currency and blockchain investments in Singapore in 2021. The total value of these deals is $1.48 billion, up from $1.48 billion. 110 million USD in 2020.

KPMG forecasts that crypto investment inflows in Singapore will continue to be strong this year, even as authorities impose more regulatory scrutiny. Last month, the country's central bank also asked cryptocurrency companies to limit advertising their services to the public. The licensing process to legally operate a cryptocurrency business in Singapore has also become increasingly difficult, causing most applicants to falter.

“Cryptocurrency and blockchain are expected to remain very hot investment areas in 2022, as many crypto companies look to the regulator to provide clearer guidance on how to operate to expand the development space. ", commented Anton Ruddenklau, Global Fintech Lead of KPMG International.

According to the report, most of the investments last year were aimed at software and underlying infrastructure, rather than services. KPMG added that money pouring into the crypto and blockchain sectors accounts for a third of the total investment in the island nation's fintech industry. Last year, fintech inflows here reached a five-year high, with $3.94 billion.