KPMG: Investments in Singapore cryptocurrency projects increased by 13 time – Bits Media

KPMG experts in a report on the state of fintech said, that investments in the Singapore crypto industry have grown by 13 time, to $1.48 billion.

The Pulse of Fintech report says, what happened before last, 2020 year the volume of investments did not exceed $110 million. IN 2021 year of investment in the crypto industry accounted for a third of all investments in financial technologies in Singapore.

Analysts suggest, that the explosive growth of investments was influenced, among other things, by the city government, which diligently develops the industry. The government has created a system for listing special purpose acquisition companies (SPAC), to attract fast-growing companies and startups to the city.

KPMG experts predict, that despite pressure from regulators, Investments in Singaporean cryptocurrency companies will grow. According to the study results, Most investments in crypto assets and blockchain are focused on building software and basic infrastructure, and not on services.

Previously the Monetary Authority of Singapore (BUT) banned advertising of cryptocurrency projects and installation of crypto ATMs, explaining this by consumer protection.