Last year saw 82 deals worth a combined US$1.48 billion, according to KPMG’s Pulse of Fintech report published today. That’s up from US$110 million in 2020.

KPMG expects crypto investment in Singapore to remain robust this year, even as authorities impose more oversight. In one move that sent chills through the industry, the central bank last month told cryptocurrency companies to refrain from advertising their services to the public.

A licensing process for permits to operate a regulated cryptocurrency business in Singapore has seen most applicants falter.

“Cryptocurrencies and blockchain are expected to remain very hot areas of investment in 2022, with more crypto firms looking to regulators to provide clear guidance on activities in order to help foster and develop the space,” said Singapore-based Anton Ruddenklau, global fintech leader at KPMG International, in an emailed statement.

Most of the cryptocurrency and blockchain deals last year targeted software and underlying infrastructure, rather than services, according to the report. The sector accounted for a third of overall investment in Singapore’s fintech industry, which hit a five-year high of US$3.94 billion, KPMG said.