Singapore is considered one of the friendliest country for blockchain adoption, and rightfully so. According to the recent report in Business Times, the government is now to offer seed funding to startups and enterprises adopting blockchain technology.
The goal of the program is to cultivate more blockchain-powered platforms that are aimed to connect the businesses interested in adopting the technology, as well as blockchain companies providing it.
There will be certain guidelines the platform has to follow in order to receive the funding. First, it must provide guides for enterprises on how to adopt blockchain technology. Second, it should include a directory of the companies involved in the blockchain industry in Singapore. Third, it should allow all members to freely and openly communicate and engage within the platform, with a potential to develop more new blockchain business ideas or projects. Lastly, the platform must have the means to offer connections with other global blockchain hubs, such as China and Silicon Valley.
The offering of seed funding is not an exclusive blockchain initiative provided by the Singapore government. Just three months ago, another fund was launched jointly, in cooperation of both Singapore and China, with the goal of assisting tech firms working in the sector. Additionally, the Intellectual Property Office of Singapore (IPOS) granted blockchain firms in the financial sector to go through a special, simplified process when receiving patents.