Singapore’s Blockchain Ecosystem

• Blockchain Council
• April 27, 2025

Singapore is one of the most blockchain-friendly countries in the world. It has created a space where innovation, technology, and regulation work together. If you’re wondering why so many blockchain startups choose Singapore as their base — it’s because the country offers strong government support, clear laws, and access to global capital.

This article explains Singapore’s blockchain ecosystem in simple terms. We’ll look at the government’s role, major projects, private sector growth, and how blockchain is used in everyday industries. If you’re exploring crypto, Web3, or just want to understand how a country can lead in blockchain — this is for you.

Government-Backed Blockchain Programs

Singapore Blockchain Innovation Programme (SBIP)

SBIP was launched to help local companies build blockchain solutions. It brings together government agencies, businesses, and research institutions to make blockchain more accessible and scalable. The focus is on real-world applications in supply chain, logistics, and digital identity.

IMDA Blockchain Challenge

Singapore’s Infocomm Media Development Authority (IMDA) launched this challenge to inspire companies to build blockchain tools beyond just finance. Winners receive funding and mentoring to bring their ideas to life.

OpenAttestation by GovTech

GovTech created OpenAttestation — a blockchain tool that verifies documents like academic certificates and health records. It ensures digital documents can’t be tampered with and are easy to verify anywhere in the world.

Clear and Supportive Regulations

Unlike many countries, Singapore doesn’t ban blockchain or crypto. Instead, it focuses on the activity, not the tech. The Monetary Authority of Singapore (MAS) regulates businesses based on what they do, such as handling payments or offering tokens. This gives startups confidence and helps protect consumers.

Major Blockchain Projects in Singapore

Project Ubin

This was one of the first major blockchain projects by MAS. It tested how blockchain can be used for domestic and international payments between banks. The project proved that blockchain can reduce costs and speed up settlement.

Project Guardian

This MAS-led project is focused on tokenized assets, DeFi, and new financial products. It explores how blockchain can work with existing finance systems in a safe and regulated way.

NUS Green Bond Tokenization

The National University of Singapore (NUS) is using blockchain to tokenize green bonds. This helps investors track how funds are being used and ensures the money supports environmental goals.

How Industries Use Blockchain in Singapore

• Finance: For cross-border payments, smart contracts, and digital assets.
• Supply Chain: To track goods from factory to shelf in real-time.
• Healthcare: For secure sharing of patient data and lab reports.
• Education: For issuing tamper-proof degrees and transcripts.
• Real Estate: For property tokenization and digital lease agreements.

Singapore’s Core Blockchain Pillars

Key Blockchain Milestones in Singapore

Want to Work in Crypto?

Singapore is the perfect place to start or grow a career in blockchain and crypto. With government grants, top universities, and global companies all in one city, the opportunities are endless. If you want to break into Web3, consider getting certified.

You can explore the Crypto Certification by Blockchain Council to learn blockchain fundamentals, trading, and token economies. It’s a great first step into the ecosystem.

Conclusion

Singapore’s blockchain ecosystem is proof that when innovation meets clear regulation, great things happen. The country supports developers, startups, and institutions to build responsibly. Whether you’re a business, a student, or a policymaker — there’s something to learn from how Singapore is leading Web3 transformation.