Singapore and Russia are likely “Crypto”-Friendly Countries

Singapore and Switzerland have been known as “ICO-Friendly ”, according to the most recent ICO research data by Ernst & Young. While a sort of governmental regulation plans on ICO and Cryptocurrency have been reportedly underway,  Russia could be at least  among “Crypto”-Friendly countries, along with Singapore.

Singapore’s Deputy Prime Minister Tharman Shanmugaratnam was cited as saying that  there is as yet no strong case to ban trading of the digital coins, according to media reports.  Shanmugaratnam noted that it is too early to say if they will succeed, as various types of cryptocurrencies are growing internationally, as reported.  “Singapore is still open to cryptocurrency and ICO,” a local source said.

Meanwhile, the Russian Ministry of Finance is drafting a bill to allow the creation of offshore companies to trade cryptocurrencies, based on the Ministry’s recent legal framework of cryptocurrencies, and the Ministry would consider the possibility of building organized cryptocurrency trading areas in Russky and Oktyabrsky islands, according to the local media reports. A Hong Kong-based company announced in November 2017 that it planned to set up a crypto mining farm on Russky Island, as reported.  

Singapore and Russia have been also among top-3 for ICO projects, based on volume, according to the EY research.