Singapore Crypto Investment Hits Record High in 2021: KPMG Report

Investments in Singapore’s blockchain and cryptocurrency industry have jumped up to more than 10 times last year to a record, according to KPMG’s Pulse of Fintech report published Tuesday. The country saw record levels of investment in the crypto and blockchain space, with $1.48 billion across 82 deals in 2021, compared to $110 million over 26 deals in 2020. The nascent digital asset space even surpassed payments as Singapore’s most funded fintech category. Most of the deals targeted software and underlying infrastructure, rather than services, according to the report. Deals in cryptocurrency and blockchain overall accounted for a third of the total investment in Singapore’s fintech industry, which hit a five-year high of $3.94 billion, KPMG said. “Cryptocurrencies and blockchain are expected to remain very hot areas of investment in 2022, with more crypto firms looking to regulators to provide clear guidance on activities in order to help foster and develop the space. In Singapore, the surge in investments into crypto and blockchain have also outpaced that of payments which long held the top spot here,” said Anton Ruddenklau, global fintech leader at KPMG International, said in the statement. Singapore’s crypto-friendly approach has attracted global crypto firms from Binance to Gemini, to set up their regional base. However, all firms offering crypto services in Singapore, including those licensed under Singapore’s Payment Se...