Singapore Reshapes Its Crypto Hub After Three Arrows, Terraform Setbacks
- City-state was buffeted by major digital-asset blowups
- Officials now aiming for productive uses of blockchains
The Monetary Authority of Singapore, or MAS, the city-state’s central bank.
Photographer: Edwin Koo/BloombergDuring the great pandemic-era Bitcoin boom, Singapore established itself as one of the hubs of the cryptocurrency industry, drawing in entrepreneurs and investors from around the world.
Then in 2022 the hub began to fray: a $60 billion wipeout of digital coins created by Terraform Labs Pte sparked the unraveling of the Three Arrows Capital hedge fund, both of which had bases in the city-state. A wave of contagion then ripped through crypto, stoking a $2 trillion market crash.