Singapore soars as new crypto hub in SEA

Singapore is gaining traction as the new crypto space for growing markets in Southeast Asia. The nation has welcomed a lot of crypto enthusiasts, exchanges and even investors from China. This has built their reputation as a crypto haven and it should shift a lot of attention to them.

Over the years, crypto has slowly built its way to the top of the world market. It had a lot of struggles at first, but it has found a smooth groove over the recent years. The latest Chinese crackdown and the migration of users and providers have opened up a bigger opportunity in Singapore.

Chinese exchange Huobi is one of the largest in the business in terms of trading volume. However, since the crackdown in China, it has stopped adding new accounts and would even close all of the existing ones by the end of the year.

Other exchanges such as BitMart and BiKi have taken the same steps as well. Even price comparing sites such as CoinMarketCap and CoinGecko are no longer working in China. This should have a big effect on any type of Bitcoin casino and it may cut users who play casino esports.

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PeckShield, a digital security company, said that there is around 62% increase in capital flows from Chinese exchanges such as Huobi and Binance to other foreign exchanges. A capital of around $28.3 billion has even made its way into the foreign exchange markets in the first half of 2021. 

Singapore has even seen a lot of companies and crypto markets since May 2021 - when China tightened its crypto rulings. Binance, for example, was affected by that ruling and they had to relocate to Singapore.

Other exchanges such as ByBit, Huobi and OKCoin have followed suit and are now operating at the highest level in Singapore. Babel Finance, a crypto service company, opened its new base last September 2021. 

That could soon lead to a big change in every Bitcoin casino and that would even change how users play casino esports.

This makes Singapore a new crypto hub that can soon be the centre of the whole industry. That means that the crypto industry should soon make its focus on the whole Southeast Asia region.

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Words: Paul Daniel Flores