Apparently, all those negative reports about Singapore’s ICO scene were dead wrong.
Deal Street Asia, citing data from CB Insights, Funderbeam, and Crunchbase, recently reported that the Lion City is actually the world’s third largest ICO hub, after the U.S. and Switzerland. Singapore apparently saw nearly $200 million in ICO funding this year, less than a fifth of the United States’ $1.08 billion but roughly twice of Hong Kong’s sub $100 million showing.
Before we get any further though, here are the top ten countries for ICOs:
How did Singapore manage to do this? Nizam Ismail, co-founder of RHT Compliance Solutions, told Deal Street Asia that this was “largely a function of several factors” before elaborating on them. Essentially, he believes that the Monetary Authority of Singapore’s unambiguous regulatory stance on token sales is a major factor in the nation’s rise.
“This provides a measure of regulatory predictability – and minimise any risk of an overnight change in regulations.”