Why crypto fans in Singapore, Malaysia and elsewhere are upbeat despite the crash and looming regulation

A massive market meltdown has sent cryptocurrencies tumbling, with bitcoin losing about 70 per cent of its value in recent months

Analysts say smaller start-ups working in the space could be forced to close – though advocates of crypto, decentralised-finance and NFTs remain hopeful

Reading Time:8 minutes

An ad for bitcoin is displayed on a street in Hong Kong. Photo: AP

Published: 9:00am, 2 Jul 2022Updated: 9:05am, 2 Jul 2022

In June, Hypertainment, an events company that organises pop-up parties in Singapore, introduced cryptocurrency as a payment option for its customers for the first time.

The move, director Adrian Tan explained, was driven by his belief that the city state’s nightlife industry should be at the forefront of adopting new technologies.

“We adopted e-ticketing for all our events pre-pandemic so e-payments and paperless transactions are not foreign to our attendees,” he said. “With the introduction of crypto payments, we are hoping to reach out to a younger and more tech-savvy crowd.”

Cryptocurrency payments are certainly not the norm in the Asian financial hub, but more businesses have been venturing into the space as residents warm up to digital currencies.

Charles & Keith, a Singapore fashion brand, did so in March, though it limited such transactions to its online stores in markets including Singapore, Malaysia, Australia and the United States.

In announcing the development, Chief Operating Officer Keith Wong said it was part of the company’s “holistic digital strategy”. “We’re eager to push the boundaries between traditional retail and the digital world,” he said.

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