Note: this article should not be regarded as a legal or financial advice and is provided for informational purposes only. You may apply for our free consultation now, should you have any questions to discuss regarding your ICO. Make sure to prepare all of your questions beforehand as we won’t have much time due to the limited availability.
Tax-friendly regulations, light-touch rules, and state funding multiplied by the modern ICO regulatory clarity have made Singapore a popular destination for Blockchain startups launching the Initial Coin Offerings. It holds the third position right after the US and Switzerland and has already hosted large ICO campaigns of Tenx and Quoine, recently raising 80 and 105 million dollars, respectively.
In this article, we would like to cover the main reasons for registering your company in Singapore.
Following the economical miracle of the rapid industrialization in the second half of 21st Century, Singapore is known today as one of the 4 Asian tigers country and the World’s Center for FinTech innovation. On its route to becoming a smart nation, Singapore is driving its innovation through the MAS, the Monetary Authority of Singapore, efforts. Financial Technology & Innovation Group (FTIG) is formed within MAS to lead the development of the Smart Financial Center.
MAS is stimulating the FinTech development of Singapore by providing an entire FinTech ecosystem to the international and domestic Financial institutions and startups along with the various sandboxes, open banking platform, and tax incentives.
Additional Reading: Fintech Regulatory Sandbox Guidelines
Adoption of crypto
Looking positively towards the Blockchain innovations the central bank of Singapore even proceeds with the introduction of its tokenized version of the Singapore dollar, which is known as a Project Ubin. The Distributed Ledger Technology will be used for the inter-bank payments and the consortium behind this initiative includes: “Bank of America Merrill Lynch, Credit Suisse, DBS Bank, The Hongkong And Shanghai Banking Corporation Limited, J.P. Morgan, Mitsubishi UFJ Financial Group, OCBC Bank, R3, Singapore Exchange, UOB Bank, and BCS Information Systems as a technology provider to the project.” according to the official MAS website.
For more information feel free to visit the MAS article about the Smart Financial Center.
Providing a solid legal framework to run FinTech innovation and businesses as well as to launch ICO campaigns Singapore reasonably guarantees high levels of investor security.
Operating in Singapore helps startups avoid any grey areas of law and essentially provides the founders with a very clear, innovation-driven Rulebook.
and decide to act by the book registering a company in Singapore and performing their ICO following the Singaporean law. Regulating the ICO activities helps the Singaporean government to allow for more people participating in the ICOs while preventing the money laundering at the same time.
Finally, despite being among the so-called offshore islands, the Singaporeans companies are enjoying a certain level of trust around the globe. Founders aiming to open a Singaporean company will be able to open Bank accounts all around the world. Yet another benefit to opening a company on the island.
Schedule a free consultation today
If you’re interested in opening for business in Singapore or simply discussing your project with us. Feel free to use our free consultation today. Click the “Free consultation” button on the Main page and fill out the form so we can review your case prior to the meeting and build an effective first consultation.
About Crypto Lawyers Corporation
This blog was created in order to educate the Crypto Lawyers Corporation clients and partners about the developing world of ICO campaigns, be an introduction to the world of Blockchain, the latest industry updates and share our professional experience. However, none of the materials in this blog should be regarded as legal or investment advice.