Singapore — A Safe Haven for ICOs
Dubbed by the World Economic Forum as the most “technology-ready” nation, Singapore has been also called the world’s “smartest city” and city with “best investment potential”. It is also the third-largest financial centre and the second-busiest container port in the world. These are just a few of the accolades garnered by Singapore during recent years but more importantly, Singapore is the 3rd biggest market in the world for ICO issuance, behind the United States and Switzerland.
Since the ban on ICOs in China from September 2017, Singapore has emerged as the ICO-friendly location for entrepreneurs looking to conduct token launches. Considering that ICO funding in Q1 2018 has already surpassed the entire value of 2017 (according to CoinDesk), it’s safe to say that there’s no shortage of new startups but also that investors’ appeal for digital assets is bigger than ever.
Singapore is buzzing with crypto activity so it comes as no surprise that some of the biggest success stories in the ICO world are coming from there: TenX, which is a startup focused on facilitating cryptocurrency payments, has raised 80 Million USD in June 2017 and more recently, Quoine (crypto exchange platform) has raised 105 Million USD (November 2017).
Of course we cannot forget about the lightning fast, 24 hours campaign held by Bluzelle, during which they raised close to 20 Million USD (February 2018) or the ongoing Kodak ICO for KodakCoin. The latter is a fine example of a large and old company looking to step into the digital currency arena, thus recognizing the power of the blockchain and the benefits it can bring.
ICOs and Singapore — A Curious Love Affair
Clearly, Singapore is a preferred place to launch an ICO but what makes it appealing? Is it the regulation? The overall economic environment? It’s actually both of them combined. The Monetary Authority of Singapore (MAS) does not fully regulate cryptocurrencies, but they have issued guidance on ICO-related activities since mid-2017. This is meant to protect investors against specific risks (for example, MAS imposes Anti-Money Laundering (AML) rules for intermediaries that are offering crypto services). In other words, MAS is taking up the role of a guardian in a way, allowing ICOs to be launched but also intervening if the activity of a certain ICO seems suspicious. The regulator is currently exploring new rules and safeguards meant to further increase the protection of crypto users.
As for the economic environment, the city-state is undoubtedly a thriving business hub, with hundreds of companies listed at the Singapore Exchange (SGX). And just like Kodak, some of these companies will be possibly adopting ICOs, infusing capital in projects that fit their goals and views. Once a listed company publicly adopts or supports an ICO that later becomes successful, many others will follow. If, or rather when this happens, we will surely see a boom on the already flourishing ICO scene in Singapore.
INF — The Utility Token Straight Out Of Singapore
Infinitus — The Smart Designation Repository stems from Singapore and is fully compliant with the guidance and rules imposed by the Monetary Authority of Singapore, as well as Anti-Money laundering guidelines and is backed by prolific figures from the crypto world, business space and IT ventures.
The main purpose of Infinitus (INF) is to serve as a utility token, which means it is a non-speculative product, so it is not meant to be acquired in hopes that it will increase in value afterwards. Think of is as a tool you need in order to achieve a goal: for example, if you want to listen to music, you buy a pair of headphones. However, you are not buying those headphones because you think you can sell them at a better price later, but for music listening. The utility of the Infinitus token is to give you access to blockchain storage on a decentralized network, it is not meant for profiting from wild swings in price. Also keep in mind that utility tokens tend to be more stable in price, thus making them more safe, but this is not a certainty because its price will be determined by the market after the ICO
One of the top full-service law firms in Singapore handles the legal advice for Infinitus: Colin Ng & Partners LLP (“CNP”) and actually, a CNP partner is now part of the INF team, taking up the role of Legal Adviser. Considering that literally hundreds of ICOs are coming to him, it’s flattering that INF is the ICO that was chosen by him to be more than just a client.
If you’re interested to know more about Infinitus, please follow our official channels for regular updates and announcements:
Infinitus Official Telegram Channel: http://t.me/infintustoken
Infinitus Announcement Channel: http://t.me/infinitustoken_ANN
Official Website: http://infinitustoken.io/
