Singapore has taken some of the steps that moved it closer to the introduction of cryptocurrencies into the economy. The Singaporean Government has a well- thought- out the plan in that direction, and this could turn the Island city-state into the first country to entirely hold cryptocurrencies.

The Bitcoin portal stated that an essential element of the meeting of ‘Singapore Consensus 2018’ was the future of cryptocurrencies in their country.

This meeting welcomed thousands of cryptocurrency visionaries, experts and the entrepreneurs to discuss new links. That can form the foundation of the future of the industry. This led many observers to believe that the Singaporean Financial regulators are far ahead than other counties. This was discussed by the regulators at the meeting.

The MAS defined the different types of cryptocurrencies, payment tokens, utility tokens, and security tokens.

Compared to other countries to become cryptocurrency nations, Singapore is a country which is the competition that can lead to having the edge. It is only because that striving to be one of the first when it comes to cryptocurrency adoption and the adaptation.

Singapore is not alone in the drive to be the first country, but also many other countries involved.

Malta is one country which is competing with Singapore to tokenize its financial assets. The authorities don’t want to plan to impose regulations on all cryptocurrency products.

Malta is taking the lead in attracting innovative blockchain and cryptocurrency ventures. The Maltese Government has solved how to position Malta as a significant hub regarding the digital economy.

Even Colombia is on the race to tokenize their cryptos. They invited all the cryptocurrency companies to set up their business in the South American country. Even Colombia Government doesn’t want to impose their regulations and income tax on any of the cryptocurrency companies for the five years.