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When one door closes, another door opens.
In a tight job market, fresh graduates adopt a spray-and-pray approach to job applications, going through multiple rejections before receiving an offer. While a lucky few will get their dream jobs, most will settle for another position, as they don’t have the luxury of time and unlimited finances.
But the truly determined will find ways to get the job of their dreams – even if that means taking a detour.
Crypto providers hoping to obtain a license in Singapore will have to continue waiting it out as the country’s central bank offers the coveted digital payments services license to a select few. After all, the Monetary Authority of Singapore is one of the toughest regulators in the world.
Since it opened license applications in early 2020, the city-state has attracted notable names such as Binance, the world’s largest crypto exchange by trading volume.
Many who have been rejected or asked to withdraw their applications are now seeking new homes. Binance had seemingly led the charge when it opted for Dubai: With its free zones and generous tax incentives, the Emirati city is fast becoming an alternative destination for crypto firms.
In this week’s Big Story, we spoke to crypto players in Singapore and Dubai about what drew them to their home markets. Conversations with both successful and unsuccessful permit applicants in Singapore also shed light on a process that many have called opaque.
As one crypto observer put it, it’s premature to assume that Singapore has seen the last of Binance. “I’m 100% sure they’ll come back when it’s the right time.”
— Melissa
THE BIG STORY
Is Dubai stealing Singapore’s thunder in crypto?
Image credit: Timmy Loen
Binance led the charge when it withdrew its application in the city-state in favor of Dubai. It appears that many are following suit.
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