What Would Happen if Singapore Regulates Bitcoin?

Upon the imposition of a nationwide ban on cryptocurrency trading by the Chinese government, as an executive of a Hong Kong-based over-the-counter (OTC) bitcoin trading platform TideBit revealed, a large number of traders migrated from the Chinese market to neighboring markets such as Hong Kong and Japan.

If Singapore regulates its cryptocurrency and bitcoin exchange markets, there exists a highly probability that along with Japan, Hong Kong, and South Korea, Singapore will evolve into a major bitcoin market. Consequently, Asia will likely emerge as the cryptocurrency powerhouse region, considering that Japan is accountable for at least 68 percent of bitcoin trades and that the South Korean Ethereum market remains as the largest Ether exchange market in the world.

TideBit COO Terence Tsang stated:

“The ban did not stop them [Chinese investors] from buying cryptocurrencies. In the last few weeks, we have seen a lot of mainland customers opening up accounts at TideBit. They still want to play the game. I see a growing need in that they will come to Hong Kong or Singapore to buy cryptocurrency,” he said.

In the future, if the Singaporean government regulates its bitcoin market, there exists a high probability that traders from regions like China and Russia with ambiguous bitcoin regulations will migrate to the Singaporean market to trade and use bitcoin. Additionally, leading bitcoin companies such as India’s second largest bitcoin exchange ZebPay are already based in Singapore, due to the country’s friendly regulations for startups.