Singapore is the smallest country in Southeast Asia. However, one of the globe’s smallest countries is also one of its richest cities. Вespite its small size, Singapore has a huge economic potential and all the conditions for the easiest way to do business in the world. Such factors as an absence of double taxation, absence of a tax on capital income and its growth, tax holidays for priority sectors and other benefits for entrepreneurs allow Singapore to occupy a leading position among countries with favorable conditions for doing business.

The miracle of Singapore is a unique phenomenon in modern history. The city-state with a population of 5,000,000 people occupies the 44th place in the world in terms of GDP. These are fantastic figures. They mean that the country ranks fourth in the world in per capita income.

The role of the financial system in the “economic miracle” of Singapore is enormous. According to the International Monetary Fund, the regulation and supervision of Singapore’s financial system are among the best in the world. Singapore ranks second in the world in terms of the level of development of the financial market.

Singapore’s highly diversified economy, prudent policies and respect for the rule of law have allowed it to become an international financial center. It is strict control over compliance with the “rules of the game” has become a solid foundation of the Singapore financial system. This allowed the country’s economy to remain firmly on its feet during the 1998 crisis and to prove to the whole world that their financial system has already been formed and is in no way inferior to the systems of the First World countries. In addition, Singapore pursues a sound domestic and foreign economic policy, thanks to which, in 2015, Singapore moved Switzerland from the first place in the management of international assets of private clients.

As for the banking system, its success is ensured by the liberalization of the monetary, financial and legal framework for foreign banks and other financial institutions wishing to work in Singapore. This also includes the ease of conducting any banking operations, due to the possibility of their implementation in electronic form. So, in 2016 Euromoney named Singapore Development Bank the best digital bank of the year. Today, 121 commercial banks operate in Singapore, 94% of which are foreign banks and only 6% are local banks.

A strict compliance of the banking secrecy laws is also important. Singapore is one of the few countries that have not signed the EU Savings Tax Directive, which allows states to receive information about all financial transactions of their citizens.

The success of Singapore’s financial system does not based on the banking sector only, and there are also various exchange stocks operating here. One of the largest local exchanges is the Singapore Exchange (SGX), established in 1999 with the merger of the Singapore Stock Exchange and the Singapore Currency Exchange. Numerous crypto exchanges are also active here.

Singapore is considered one of the most friendly countries in the crypto community. His experience in regulating crypto-currencies is guided by other countries.

The local government is clearly interested in developing the potential of blockchain technology and understands the importance of encouraging innovation in this sector. Large financial institutions invest time and resources in the development of the blockchain technology. The central bank of Singapore has allocated $ 166 million to support financial projects. And to attract crypto-assets, the first in the world created a digital token on the block of air for facilitating interbank payments. This and other initiatives have played an important role in strengthening Singapore’s reputation as a leading crypto-financial center.

It’s no surprise that many crypto companies choose Singapore to host the business. The project VRT World was no exception. “We chose Singapore, because of it good business reputation, developed banking and financial systems. This is generally one of the most developed cities in Asia, and the Asian market is a priority for us. “- believes the CEO of VRT World Konstantin Negachev.

“For comparison, Singapore’s second bank for capitalization is 3 times higher than the Russian Sberbank. Many consider Hong Kong an Asian financial center, however Singapore is no worse. Moreover, Singapore is loyal to the crypto industry in general, and to the ICO in particular. The local regulator — MAS — quite clearly gave a neutral / positive assessment to the ICO, although local banks are willing to open accounts for companies whose activities are related to the crypto industry. The decision to choose Singapore as a jurisdiction for our company was based precisely on the above factors. “

Enthusiasts of the innovative industry more and more often hold thematic events, meetings and conferences in Singapore. In 2017, Singapore hosted more than 10 major crypto conferences. The most important among them for VRT World team was Blockshow Asia 2017. VRT World team represented by CEO Konstantin Negachev took part in the conference, as well as in the large-scale ICO-Hypethon. You can read about it here.