Singapore’s ‘Token Day’ to Promote Cryptocurrency Mass Adoption
Blockchain-powered point-of-sales systems provider Bizkey has launched a Token Day in Singapore aimed at inspiring the public to use cryptocurrency in purchases.
On the 10-year anniversary of the birth of cryptocurrency, blockchain-based point-of-sales (POS) systems provider Bizkey is launching a 'Token Day' in Singapore from October 31 to November 18 this year to allow the public familiarize themselves with digital assets and hopefully enable the space to reach a critical mass.
In a statement, Bizkey said that Token Day would give the public the opportunity to experience cryptocurrency in a retail setting.
"Although cryptocurrency was first invented ten years ago, very few people in the world have the chance actually to use it to buy products and services. We want to change this through Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale,” said Bizkey CEO and co-founder Ken Huang.
He estimates between 10,000 and 15,000 people in Singapore own digital currencies, and that they are most likely to be in their mid-20s to early 40s and mostly tech-savvy males. “We hope these individuals and the wider public will be keen to try out the novelty of being amongst the pioneering cryptocurrency spenders in Singapore," he added.
Huang explained 30 retailers are participating in the Token Day and are clustered around Singapore’s Chinatown. The retailers will accept various digital assets as payment during the period. In addition, the public can also utilize Bizkey's intelligent blockchain point-of-sale (POS) device to allow them to use different digital currencies to pay for their purchases, including Ethereum (ETH), Binance Coin (BNB), Aelf coin (ELF) and Zilliqa coin (ZIL).
Among the participating merchants are Hotel 1887, Koryo Mart, and SK Jewellery.
Singapore has earned the reputation as a global center for the cryptocurrency trade after the Monetary Authority of Singapore (MAS) published in November 2017 rules that clearly define security and utility tokens. Under the MAS guidelines, security tokens are tokenized equity while utility tokens are coupons used as prepaid access to a product or service.
In the first five months of 2018 alone, a total of 56 Initial Coin Offerings (ICOs) were closed in Singapore, according to data by PwC. The ICOs have raised more than $1 billion compared to the 35 ICOs in 2017 that raised only $641 million.
In March this year, the MAS took note of the possibility to introduce additional regulators to protect cryptocurrency investors.