Published: 28 September 2022, 9:43 am Updated: 28 Sep 2022, 1:16 pm
Web3 investment firm Cryptomeria Capital released its newest report entitled “Singapore Web3 ecosystem overview.” The paper discusses Singapore’s attitude towards web3 businesses, law, and the existing crypto and metaverse ecosystem.
Singapore, “with its strong legal system, the rule of law, first-class judiciary, accessibility, connectivity, and strong legal infrastructure,” has all the makings of the next big metaverse and crypto hubs, according to the research. Unlike most countries, the city-state has strong crypto-related legislation that makes it easy to set up a crypto business and thrive.
Legislators, while still cautious about cryptos, are in no way stopping the progress from happening. The pandemic has hastened the adoption of various digital solutions, with virtual meetings and work-from-home taking over the regular nine-to-five office jobs, and even with the pandemic now slowly easing up, the world has already made progress and is not keen on taking a step back.
The legislator sees that there’s interest in the metaverse—people embraced virtual meetings during the pandemic. As Edwin Tong. Minister of Culture, Community and Youth and Second Minister of Justice, noted at the TechLaw Fest 2022: Up Your Game conference, once the popularity of virtual meetings skyrocketed in 2020, it’s not dropping.
The metaverse is already becoming a part of our business and leisure, while social engagements, gaming, and art are entering the space. With clear regulatory framework, there are plenty of options for innovation: The legal proceedings have already become highly digitalized, with arbitration hearings and mediation sessions carried out remotely. In fact, Singapore is considering metasettlement in jurisprudence.
“Covid brought about a rapid digital shift in the way businesses function alongside people’s behaviours and habits. Suddenly digital currencies were a household conversation, owning digital assets like cryptocurrencies and NFTs was no…