Singapore’s ambition to become a global digital-asset hub was thrust into the spotlight this week after Alex Svanevik, CEO of blockchain analytics company Nansen, announced that his application for permanent residency (PR) had been rejected.
Svanevik, a Norwegian national who moved to Singapore in 2021, revealed the news in a viral post on X (formerly Twitter). His tweet, highlighting his contributions—$88 million raised in capital, over 25 jobs created, and a child born in Singapore—questioned what more it would take to secure PR status. The post has since garnered millions of views, igniting widespread interest.
Immigration and Crypto in Focus
Svanevik’s situation has sparked debates about immigration policies and the future of crypto firms in Singapore. The city-state, which competes with financial centers like Hong Kong and Dubai to attract digital-asset companies, is grappling with balancing the need for foreign talent against local concerns such as housing affordability.
While Svanevik continues to reside in Singapore on an employment pass, he acknowledged that the experience has raised questions about his long-term future in the country.
It’s natural to consider [moving], but there’s no concrete plan,
Svanevik said when asked about relocating Nansen’s headquarters.
Impact on Singapore’s Crypto Ambitions
Singapore’s Immigration and Checkpoints Authority (ICA) has declined to comment on individual PR applications. However, the city-state’s Economic Development Board has faced questions about whether this incident could affect its image as a crypto hub.
In response, Svanevik took to LinkedIn, expressing his love for Singapore and calling it a “fantastic place to live.” He added that his wife holds PR status, and their daughter is on a dependent’s pass. Nonetheless, the rejection has led them to explore alternatives, a step they likely wouldn’t have taken if his PR had been approved.
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Singapore’s Crypto Regulation Shift
In the aftermath of several crypto blowups in 2022, Singapore reshaped its regulatory framework to encourage the productive use of blockchain technology, such as in payments and asset trading. This regulatory shift continues to attract digital-asset firms, despite challenges faced by some individuals like Svanevik.
With about 31% of Singapore’s population being non-residents on employment or other passes, the government remains committed to attracting global talent. However, the rejection of Nansen’s Svanevik’s PR application underscores the fine balance the city-state is trying to maintain between fostering innovation and addressing local concerns.
