Stakes rise for Singapore's big crypto bet
China's shunning of crypto transactions increases the potential prize and the perils for city-state.
OUTLAWED by China, facing a clampdown in South Korea and new restrictions in Hong Kong, the cryptocurrency industry has seized upon Singapore as an unlikely Asian alternative.
The country of 5.5 million people has long relied on financial services to help power its US$344 billion economy, and it is now locked in an intensifying race with Hong Kong and Tokyo for the crown of global financial hub in Asia.
Its embrace of the sector has extended to fintechs seeking to disrupt traditional banking. In a socially conservative country, authorities have not just extolled the potential benefits of crypto but backed it up with legislation.
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