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crypto.news 2025-02-04 09:09:43

Rich Asian investors drive fresh Trump-fuelled crypto boom in Singapore

Following Donald Trump’s election, Singapore’s wealth managers have begun allocating vast amounts of capital to crypto investment. According to Gerald Goh, CEO of Sygnum, a Singapore-based virtual asset banking group, Trump’s re-entry has had an electrifying effect on cryptocurrencies and crypto-related companies, leading to a mad scramble for rich Asian investors who are now allocating larger portions of their portfolios to digital assets. In an interview with Nikkei Asia , Goh revealed that his firm’s onboarding rate for new clients “probably doubled or tripled” in the week following Trump’s victory. Giving a wider overview over prevailing market sentiment in Singapore, he said: Specifically, in Singapore, investors generally are more positive about incorporating crypto investments as part of their investment portfolios. We’ve already seen in 2024 an improvement in the mood, let’s say, in the sentiment, on the crypto side. You might also like: Theta announces collaboration with Singapore’s NTU Top funded fintech segments in Southeast Asia | Source: Nikkei Asia In a January report, Singaporean financial regulators revealed that the number of single-family offices domiciled on the island went up to over 2,000, compared to 1,400 the year before. The relative political stability of Singapore has long made it a magnet for investors from Malaysia, Bangladesh, Thailand and China looking to protect their wealth. Given these circumstances, Goh said, the emergence of Trump has had the effect of petrol on a lit match to crypto portfolio investment. Independent Reserve, a crypto exchange based in Singapore revealed that the number of family offices in its client base grew 20 percent in 2024 compared to 2023. Speaking to Nikkei Asia, ceo Lasanka Perera said: We’ve seen more interest and inquiries from private bankers and family offices. The postelection rally and a crypto-friendly administration have raised expectations for constructive U.S. regulations, which could reduce risks and encourage greater participation from wealthy investors. Source: Nikkei Asia Despite this market sentiment however, the shift toward crypto investment is not without its challenges. The Monetary Authority of Singapore, which regulates crypto and other financial markets, holds a famously negative view of direct marketing of digital assets to retail investors, and exchange platforms often have to walk a fine line to avoid regulatory sanctions.

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