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Crypto Investors Move to Singapore Given Australia’s Regulatory Concerns

Cryptocurrency Dec 13, 2021 03:00AM ET
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Crypto Investors Move to Singapore Given Australia’s Regulatory Concerns
 
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  • Mark Carnegie calls Australia a “pro-crypto” regulated market, moves to Singapore .
  • The venture capitalist will launch a listed Asia-based digital asset platform.
  • Carnegie says that the Australian government and regulators are out of touch with the swift move of crypto.

The news of Australia gearing for a massive shakeup on crypto regulations is no longer new to many. In the wake of the news, many crypto companies are looking for alternative countries that they feel their environment is more conducive for crypto-related ventures.

As a result, one of Australia’s popular investors Mark Carnegie discloses he has moved to Singapore. The move is revealed to be a lucrative business step that will see the venture capitalist launch a listed Asia-based digital asset platform. More so, the Singapore-listed group Intraco Ltd is an investment and trading agency.

On top of that, the chairman and CEO of the Singapore-listed Boustead conglomerate Wong Fong Fui aka F.F. Wong will invest $10.23 million through notes deal into the new crypto company. What’s more, the purported $10 million funds will be used to support its proprietary trading initiatives.

Not to mention, Mark Carnegie is noted as a very vocal critic of the Australian government and regulators. To him, he feels that the country is not utilizing the new wave in light of the recent developments in the crypto space. According to reports, Carnegie has been in talks with Australian regulators about when they will come up with regulations for DAOs and Web 3.0.

Ultimately, like Binance, and like Coinbase (NASDAQ:COIN), we want to work in a regulated environment. We think regulations are important for Web 3.0. We found a regulatory environment which is supportive, and that is in Singapore,” he said. “Keeping regulatory protection only for sophisticated investors seems to be a crazy way of doing things.

Of note, Australia does not have a licensing regime for crypto exchange while Singapore does. This uncertainty about how Australia breaks down DAOs and NFTs has left investors no option but to move to much more regulated environments.

Since everyone is drastically looking for certainty, Singapore has become a new hub for lots of crypto inventors searching for a safe haven to freely do business with a regulatory space that is supportive

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Crypto Investors Move to Singapore Given Australia’s Regulatory Concerns
 

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