One clear advantage that entrepreneurs have in Singapore is the clarity on what is allowed and what isn’t. While countries like China and India are cracking down on cryptocurrencies and any trading related to them, including token sales, Singapore seems to be setting down the rules of engagement rather than banning digital currencies outright.
“From a regulatory perspective, the government recognizes that there’s something big that’s happening,” explains Prakash Somosundram, a seasoned Singaporean tech entrepreneur who made his fortune building websites in the 1990s and 2000s and now curates conferences about blockchain. “And by allowing innovation to actually take place, we will be able to figure out what’s going to be the long-term value to the local ecosystem,” he adds.
Singapore is now the third-biggest market for token sales globally after the US and Switzerland. And according to Somosundram, “it is still one of the cheapest places to do an ICO compared to other countries, in terms of registering a company, legal fees, and all the other support-related services that you require during an ICO.”