ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Cryptocurrency companies are keen to break into the Singapore market, but local regulators are taking a cautious approach to giving their approval. (Source photo by AP)
Market Spotlight

Crypto entrepreneurs find Singapore is not so hospitable after all

Scores of businesses fail to win licenses from city-state's financial regulator

DYLAN LOH, Nikkei staff writer | Singapore

SINGAPORE -- Cryptocurrency entrepreneurs lured to Singapore by its apparent openness to the burgeoning industry are discovering just how difficult it is to legally operate in the city-state.

More than 100 of the around 170 businesses that applied for licenses to offer "digital payment token services" have now been turned down or withdrawn their applications, according to the latest figures from regulators.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more