After China implemented a blanket ban on cryptocurrencies in 2017, Singapore and Hong Kong have emerged as the leading business-friendly destinations for East Asian crypto companies aiming to raise funds via Initial Coin Offerings (ICOs).
Singapore Becoming a ‘Hub’ For Crypto Businesses
Anson Zeall, chairman of Association of Cryptocurrency Enterprises and Startups in Singapore, informs that while it may be too early to term the city as an “ICO hub,” owing to a reasonable amount of undone work, a lot of significant activity and token issuances have taken place in the city since September 2017.
Moreover, Singapore has been taking efforts into setting up a number of incubators and venture funds focused on cryptocurrency investments.
The city was named as the third largest ICO launchpad in the world, only behind U.S and Switzerland, regarding funds raised.
For Chinese entrepreneurs, the only choice is to move to “crypto-friendly” countries. Speaking about on the subject is Daisy Wu, whose file-sharing blockchain app Xender’s subsidiary MovieChain had to relocate to Singapore for continuing the business.