Michael Terpin on ICOs: ‘We’re Big Fans of What They’ve Done in Singapore’
Singapore has recently regained its place in the blockchain and crypto spotlight, as a favorable jurisdiction for operating ICOs. Bitsonline spoke to long-time cryptocurrency promoter and CEO of Transform Group Michael Terpin at CoinAgenda Asia last week, to ask why this is, and what his predictions are for bitcoin and the token market over the coming years.
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Terpin: Singapore Is Back
Singapore is often called the “Switzerland of Asia” with its liberal finance laws and strong banking privacy. Though it was touted in 2013 as a haven for bitcoin companies, many quit the city-state due to complications in tax laws and uncertainty over just how permissive its regulators would be.
That’s all changed now, though — Singapore has opened itself up to be the jurisdiction of choice for several ICO projects. Due to its location and cultural heritage, it’s becoming a popular place for Chinese ICO operators and wealthy investors to experiment with a new asset class.
“If you’re Chinese you don’t have much choice, you pretty much have to come to Singapore to do your ICO,” Terpin says. And investors from the region are showing an appetite for returns that mean the country is “where the money is, at the moment.”
Smaller Jurisdictions Trying to Attract Crypto Investors
Terpin is the founder and CEO of Transform Group, which holds the CoinAgenda conference in Las Vegas every year and has recently branched out into those (physically) smaller territories trying to attract blockchain investors.
Gibraltar and Malta (where CoinAgenda will appear next) are two others. However Terpin says Gibraltar has been pricing itself out of the market with expensive regulatory requirements, while Malta’s legal simplicity is attracting the money instead.
But the sheer amount of investment money looking for somewhere to go has put Asia right back in the crypto spotlight, despite the timidity of countries like Japan and Korea to allow ICO activity.
“Every ICO I’ve spoken to is spending at least half their time in Asia,” Terpin says, “… we’re big fans of what they’ve done here in Singapore… to protect the rights of investors and token users.”
But What About the Crypto Price Slump?
Terpin also shared his thoughts on where bitcoin and other crypto prices might be headed. Will the currency slump reverse once summer is over, leading to another Christmas boom? Watch the whole interview to find out more.
He also compares crypto adoption to the early days of the internet, saying all it needs is that moment similar to the web’s “Eternal September” of the early 1990s when newcomers rush to use the technology, acknowledging that it’s finally cool.
Telcos could hold the key to that, onboarding new crypto users since they already have their customers’ identity data. It’s just a matter of providing apps that make it easier.
Do you agree with Terpin’s assessment of the current situation and future possibilities? Let’s hear your thoughts in the comments.
Images and video via Bitsonline, Pixabay