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The race to establish a global crypto hub has only just begun. The competition is fierce for a slice of the cake. finews.asia takes a look.

Singapore is, along with Switzerland, the most important hub for crypto currencies and so-called ICOs, or initial coin offerings. Its financial market regulator, the Monetary Authority of Singapore, or MAS, made its position clear in November: Virtual currencies will not be regulated.

In Switzerland, the city of Zug is at the center of the global crypto boom. The federal market regulator Finma has at least not undermined this development, since it took a clear stand on the regulation of ICOs, or the financing of startups through the emission of tokens. The precise guidelines issued last February have given the startup scene in the Zug crypto valley more legal transparency, which has had a positive effect.

However Singapore and Switzerland aren't the only countries to be amenable to the cryptocurrency boom or to advertise itself as a «crypto nation». Competition is fierce for a slice of the cake.