The Singapore government will introduce financial incentives for the development of the blockchain industry.
According to local media reports, the Information Technology and Media Development Authority (IMDA) is planning to invest blockchain startups in the IT and media sector.
To receive funding from officials, startups will have to meet certain criteria, including the ability to connect with blockchain communities from other countries.
According to the position of IMDA, it is necessary to promote the use of blockchain in various industries, because today the use of DLT in the economy is limited to the financial and banking services.
Earlier it became known that the state investment company of Singapore invested in the blockchain consortium R3. This week, the court of Singapore also began consideration of the first lawsuit related to the cryptocurrency turnover.