Singapore is ranked number 4 in the Global Financial Centers Index, with New York, London and Hong Kong coming in the 1st, 2nd and 3rd positions respectively. In the Ease of Doing Business ranking published by the World Bank, Singapore ranks number 2 in the world.
Singapore, being a small nation with no natural resources, wanted to position itself as the one of the top financial centers in the world and they have achieved that. In the future, Singapore is likely to keep that ranking or improve on it.
Given that background, we can expect Singapore to smell an economic opportunity before others do. it is, therefore, not surprising to see that they are one of the few pioneers in the world to have passed legislation licensing cryptocurrency services in their country.
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