Alex Svanevik is the CEO of Nansen Pte, a major player in the crypto analytics space. Recently, he shared some surprising news: his application for permanent residency in Singapore was rejected.

This announcement has put Singapore’s ambition to be a digital asset hub back in the spotlight. On Monday, Svanevik took to X to express his frustration. He wrote, “$88 million raised, 25+ jobs created, 1 child born. Guess it wasn’t enough. Where to move next?” His post quickly went viral, racking up 2.7 million views.

This situation raises important questions. Despite Singapore’s efforts to attract crypto companies, challenges remain for executives in the industry. It seems the path to establishing a foothold in this city-state isn't as straightforward as it appears.

As the conversation continues, it’s clear that the crypto landscape is evolving. Leaders like Svanevik are navigating a complex environment, and their experiences can shed light on the challenges faced by many in the field.