Written by Swashree Ghosh
(Bloomberg) – Singapore’s efforts to develop a digital asset hub were thrust back into the spotlight this week after it was revealed that Nansen Chief Executive Alex Svanevik’s application for permanent residency had been rejected.
Svanevik announced the development in X on Monday, writing: I don't think it was enough. Where will you move next? ” The post quickly went viral, garnering 2.7 million views to date.
This interest in mail signals prospects for the immigration and crypto sectors, which continue to be hot topics. Many countries are trying to balance the need for foreign talent with local constraints such as affordable housing. Meanwhile, Singapore is competing with the likes of Hong Kong and Dubai to acquire digital asset companies in case blockchain technology revolutionizes the way finance works.
“Genuine curiosity”
“The reason I wrote the tweet was out of pure curiosity about what it takes to become a PR,” Svanevik, who is originally from Norway and moved to Singapore in 2021, said in an interview. Nansen provides blockchain analysis to investors and is based in the city-state.
Mr Svanevik said he intended to continue to stay in Singapore on an employment pass and had no plans to relocate anytime soon, but added: “My experience as part of PR has put my permanent residence here into question. It has become clear that there is,” he added. process. “
As for whether Nansen would also move its headquarters, Svanevik said, “It's natural to think about that,” but added: “There are no concrete plans to actually move elsewhere.”
A spokeswoman for the city's immigration department said she could not comment on the reasons for approving or denying individual applications for permanent residence. A spokesperson for the Singapore Economic Development Board declined to comment on whether Svanevik's example would impact Singapore's recognition as a crypto hub.
crypto pivot
In 2022, Singapore suffered a catastrophe caused by unfettered crypto speculation, and since then it has been using blockchain technology to promote productive use of blockchain technology, such as facilitating payments and trading of illiquid assets. Reorganized regulations. An array of digital asset companies have been drawn to the city-state.
By Thursday, Svanevik had posted on LinkedIn expressing surprise at the level of interest in his announcement that his application for permanent residence had been rejected. He loves Singapore, writing that it is a “fantastic” place to live. He also said his wife is a permanent resident and his daughter is on a dependent pass, adding: “We started looking at alternatives, but we probably wouldn't have done it if we had gotten the publicity.”
As of June this year, Singapore's population is approximately 6 million. According to official statistics, about 60% were nationals, 31% were non-residents (mostly with employment or other passes), and the rest were permanent residents.
The government emphasizes that its policies continue to attract global talent and Singapore is internationally recognized as one of the world's most attractive cities for skilled workers. At the same time, some commentators argue that since the 2011 general election, Singapore voters have tended to prefer fewer foreigners.
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