Slowing down investments in the Cryptocurrency industry
It is reported that according to KPMG\’s Financial Technology Pulse Report in the second half of 2022, although cryptocurrency or blockchain is the primary area…
It is reported that according to KPMG’s Financial Technology Pulse Report in the second half of 2022, although cryptocurrency or blockchain is the primary area of Singapore’s financial technology investment in 2022, this area is slowing down globally. In Singapore, the funds related to cryptocurrencies decreased by 21% from US $1.5 billion in 2021 to US $1.2 billion in 2022. Globally, investment in this field has dropped from US $30 billion in 2021 to US $23.1 billion in 2022. KPMG predicts that by 2023, the investment in companies focusing on cryptocurrency may remain very slow, and the investment may shift to jurisdictions with a stronger regulatory framework for cryptocurrency activities.
KPMG: Despite the global economic slowdown, cryptocurrency is still the primary area of financial technology investment in Singapore in 2022
Interpretation of the news:
The Financial Technology industry has grown tremendously over the years, with cryptocurrency being one of the most popular investment areas. In 2022, Singapore’s Financial Technology investment remained focused on cryptocurrency and blockchain. However, this investment area has been experiencing a slowdown globally, according to KPMG’s Financial Technology Pulse Report.
KPMG’s report shows that the investment funds related to cryptocurrencies decreased by 21% worldwide from US $30 billion in 2021 to US $23.1 billion in 2022. Singapore was not an exception as it recorded a decrease from US $1.5 billion in 2021 to US $1.2 billion in 2022. This shows that investors are becoming more cautious as the cryptocurrency market experiences more instability.
KPMG predicts that by 2023, the interest in cryptocurrency investment will continue to slow down, and investors may look to jurisdictions with more regulated frameworks in the cryptocurrency industry. Governments worldwide are starting to take measures to regulate cryptocurrency activities, and this could lead to investors shifting their focus to countries with stronger frameworks in place.
The drop in cryptocurrency investment can be attributed to several factors, such as regulatory uncertainty, market volatility, and security concerns. Recently, concerns about climate change have also come up, with concerns around the energy consumption required to support cryptocurrency transactions. These concerns have led some investors to look for alternative investments that align with their values and are more sustainable.
In conclusion, the Financial Technology industry will continue to evolve, and it is no surprise that cryptocurrency investment will experience a slowdown. The future of this investment area will depend heavily on how governments regulate cryptocurrency activities and how investors perceive the industry’s stability. Countries that can provide more stable frameworks for cryptocurrency investments are likely to attract more investors in the future.
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