Following the unexpected return of Donald Trump to the presidential stage 🇺🇸, Singapore’s wealth managers have begun channeling a tsunami of capital towards the glittering world of crypto.
Gerald Goh, the CEO of Sygnum, a virtual asset banking group based in the Lion City, claims that Trump’s arrival has ignited the cryptosphere like a Molotov cocktail in a fireworks factory. According to Goh, the onboarding rate for new clients at Sygnum has practically doubled or tripled since Trump’s victory. He even described the market sentiment as “improved,” which, let’s be honest, sounds a bit like someone trying to polish a turd 💎.
Meanwhile, Singapore’s financial watchdogs have reported a surge in single-family offices on the island, now numbering over 2,000. It seems these wealthy individuals, hailing from countries like Malaysia, Bangladesh, Thailand, and even China 🤫, are flocking to Singapore like pigeons to a breadcrumb. And, according to Goh, the emergence of Trump has been the equivalent of gasoline poured on a bonfire for their crypto investment portfolios 💥.
Independent Reserve, another Singapore-based crypto exchange, reports a 20% increase in family offices signing up in 2024 compared to the previous year. Their CEO, Lasanka Perera, believes the post-election rally and the prospect of a crypto-friendly administration in the U.S. are fueling this trend. Perera suggests that clearer regulations could assuage the concerns of high-net-worth individuals and encourage them to dive headfirst into the crypto pool 💸.
However, this crypto fever in Singapore isn’t without its complications. The Monetary Authority of Singapore, the island’s financial overlord, has a notoriously dim view of directly marketing digital assets to retail investors. Crypto exchanges are essentially tiptoeing through a minefield, trying to avoid regulatory wrath 👮♂️.
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2025-02-04 12:20