‘Crypto paradise’ Singapore stung by high-profile collapses
The international manhunt for Do Kwon, co-founder of collapsed crypto operator Terraform Labs, has put the spotlight on Singapore as the crypto hub’s reputation takes a hit following the failure of several crypto funds with links to the city-state.
Not only was Kwon’s Terraform Labs, the company behind the collapsed Terra stablecoin, registered in Singapore, but Korean prosecutors believe he travelled to the city in April.
Kwon on Monday showed Singapore as his location on Twitter, tweeting that he is making “zero effort” to hide. Singapore police have said Kwon is not in the city state.
ChainUp, a blockchain company that offers technology to crypto exchanges and other clients said it was expanding in the city.
The start-up relocated its headquarters from China to Singapore in 2019 as Beijing was signalling it was clamping down on the crypto sector.
“I am confident in the approach of regulators,” said Sailor Zhong, ChainUp’s chief executive.
“No one country can do it all and it is hard for Singapore’s government to enforce rule of law for companies with operations abroad.”
This story originally appeared on: Financial Times - Author:Christian Davies
