An increasing number of countries accept crypto as legal tender.
This series will reintroduce these countries, beginning in Singapore today.
Crypto-Friendly Countries. Part 1: Singapore
June 7th, 2023
tl;dr
- Singapore began a modernization program in the late 1960s that has made it one of the wealthiest nations in the world today.
- It has the one of the world’s most crypto-friendly tax laws, regulations, adoption rates, investment possibilities, and infrastructure.
- Singapore’s central bank is helping banks standardize crypto account screening.
- It does not impose capital gains taxes on individuals, but crypto are subject to income-based taxes.
Intro
Crypto has gained popularity in recent years.
Many governments and financial institutions have changed their minds about crypto and blockchain technology.
They are developing beneficial regulatory structures that stimulate their growth.
In this context, crypto businesses and investors will benefit.
This article will explore countries that have seen a boost in crypto activity.
The history of Singapore
Singapore, officially the Republic of Singapore, is an island country and city-state in maritime Southeast Asia.
It was first mentioned in a Chinese account from the third century, when it was described as an Island of the southern coast of the Malay Peninsula.
It was first mentioned in a Chinese account from the third century, when it was described as an Island of the southern coast of the Malay Peninsula.
Singapore’s history begins in the 14th century with proof of a trading town.
The Brits founded Singapore in 1867 after colonizing the archipelago.
While the country struggled after World War II and its merger with Malaysia, it began a modernization program in the late 1960s that has made it one of the wealthiest nations in the world today.
While the country struggled after World War II and its merger with Malaysia, it began a modernization program in the late 1960s that has made it one of the wealthiest nations in the world today.
General
Due to its tax laws, regulations, adoption rates, investment opportunities, and infrastructure for crypto, Singapore has become one of the most crypto-friendly nations in the world.
However, Singapore’s attitudes toward crypto is complicated.
The government has shut down crypto ATMs and rejected hundreds of requests for licenses in the crypto industry.
Singapore saw one of the highest fintech investments in the crypto or blockchain sector in 2022,
according to KPMG despite it fell by 21% to $1.2bn.
Regulations
Singapore’s central bank and police are helping banks standardize crypto account screening. The six-month initiative will provide an industry report on due diligence and risk management for payment service businesses handling stablecoins, NFTs, and gaming credits.
According to Bloomberg, the Monetary Authority of Singapore said banks may welcome crypto players based on risk tolerance.
As US authorities have cracked down on crypto consumer institutions, the sector has fought to find banking partners and countries.
Tax
Singapore does not impose capital gains taxes on individuals, but crypto are subject to income-based taxes. Individuals and enterprises that mine bitcoin are subject to the same tax rates as corporations.
When money, goods, or services were exchanged, as well as when capital gains were realized, should be included in the documentation of crypto transactions.
April 15 is the deadline for Singaporeans to submit their tax applications.
Fun fact: Women outperformed men
The IRCI (Independent Reserve Cryptocurrency Index) survey found that Singaporean women are slightly more likely to make money or break even on their crypto investments than their male counterparts.
This year, 37% of women surveyed had crypto investments, a 7 percentage point increase compared to the previous year.
Despite macroeconomic factors, crypto adoption still increased, with 43% of respondents having crypto investments compared to 40% the year prior.
Conclusion
Singapore has refocused after being a crypto a haven.
Let’s see how the regulations change it.
Coming up
Here are the countries I plan to write future articles about.
Don’t hesitate to contact me with your ideas.
- India
- Hong Kong
- Portugal
- Switzerland
- United Arab Emirates (UAE)
- Cayman Islands
- Gibraltar
- Malta
- Spain
- New Zealand
Thread and Links
Here is my Twitter thread about the topic.
◻️ The most Crypto friendly countries ◻️
???????? Part 1: Singapore ????????
???? Thread #35????
1/10 pic.twitter.com/Wpu3S0eNDp
— Tone ☕️ (@ToneWeb3) May 3, 2023
A nice YouTube video about crypto-friendly countries by Coin Bureau.