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Singapore’s crypto ambitions shaken by FTX collapse

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There was a time when it seemed as though Singapore would become a global centre for cryptocurrency.

Authorities had signalled an early interest in harnessing blockchain technology. That, coupled with the city state’s favourable business environment, attracted digital asset companies and a burgeoning community of investors.

In 2021, investment in the industry in Singapore increased tenfold compared to the previous year to $1.48bn (£1.2bn), according to KPMG, making up nearly half the Asia Pacific total for the year.

Source:bbc.com

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