Singapore's Prime Minister Tharman Shanmugaratnam said the country's government will "not ban" cryptocurrency.
In Asia, Japan and Singapore are the best markets for cryptocurrency and blockchain in recent years. In China, Vietnam, Indonesia banned bitcoin and the cryptocurrency market, Singapore was very active in developing Blockchain and cryptocurrency markets.
Singapore has been thinking about the future of economy and finance and to become the largest financial city of the world. This in itself will be impossible without incorporating blockchain and bitcoin into business. Making cryptocurrency legal will fetch them a lot of new Investors which are ready to take part in the coin offerings. So all on all a great step by the govt.