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Crypto Exchanges & Regulation – Top exchanges in Singapore by Coincub criteria
| Total population | 6,014,723 |
| GDP (in USD Millions) | 525,230 |
| Total # of universities | 45 |
| Leading blockchain universities | 5 |
| Jobs in blockchain | 2,433 |
| Bitcoin mining | 0.05% |
| CBDC stage | Pilot |
| Crypto received (in USD$) | 7.74B |
| Crypto sent | 7.11B |
| Bitcoin ATMs | 0 |
| Bitcoin nodes | 201 |
| Companies with bitcoin in treasury | 0 |
| Population % owning crypto | 24.4% |
| Crypto exchanges based in country | 81 |
| Bitcoin Interest | 22 |
| ICOs (Initial Coin Offerings) | 587 |
| ICOs energy | 18 |
| Fraud crypto score | 5 |
| Crypto financial services | 18.5/50 | |
| Web3 population adoption | 8/20 | |
| Web3 environmental impact | 3/20 | |
| Crypto trading | 9/20 | |
| Web3 talent | 13.5/30 | |
| Web3 proliferation | 17.5/30 |
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Singapore was number one on the Q4 2021 crypto-friendly ranking with its progressive crypto economy, but a few things have changed – perhaps due to its success. The hugely important Monetary Authority of Singapore (MAS) marks the country’s throttling back on the cryptocurrency accelerator by issuing firm guidelines that its crypto service provider community should not be allowed to offer its services to the general population. This falls some way short of an official ban but is more an attempt to curb the rise of interest in crypto amongst the population, and the risks involved which many people may be unprepared for -especially in view of recent price volatility.
Those service providers defined by the new measures, including banks, will fall under a wider definition of crypto services under the Payment Services Act, which takes in agencies providing custodial wallets and exchanges. Basically, advertising to encourage or promote crypto services is now seen as attracting consumers to trade without being aware of the risks.
The wide-ranging dampening of crypto promotions runs right across society, from public open areas and transport (outdoor media) to public websites, social media, and broadcasting – which pretty much covers everything. Left alone is the ability of crypto service providers to promote their services only on their own websites.
Current moves to protect Bitcoin investors have been initiated by The Monetary Authority of Singapore MAS which set out papers proposing regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to support the development of stablecoins as part of the cryptocurrency economy. The new proposals look to ensure that customers’ assets are segregated from s service providers’ own assets. Furthermore, as already taken place with a ban on third-party advertising of crypto services, cryptocurrency trading businesses cannot offer promotional incentives to attract retail customers, accept credit card payments or provide financing to retail customers.
The Monetary Authority of Singapore is not looking to restrict the industry, but to reduce risks from money laundering, terrorism financing, technology, and cyber fraud. Stablecoins that are pegged to a single currency SCSs – where the value in circulation exceeds S$5 million, issuers must hold reserve assets in cash or cash equivalents which are at least equivalent to 100% of the par value of the outstanding SCSs in circulation. The assets must also be denominated in the same currency as the pegged currency. All SCSs issued in Singapore can only be pegged to the Singapore dollar or any Group of Ten (G10) currency.
Banks in Singapore will be allowed to issue SCSs with prudential requirements, however. Singapore has lost business to the United Arab Emirates following an earlier regulatory proposal
Having taken these measures – or whether it implements further ones, Singapore is still a leading crypto country and, as elsewhere, its government shows enthusiasm for blockchain technology and the potential it offers, but attempts to dampen encouragement for the trading of Bitcoin among the general public. Price volatility and risks, they feel may not be properly understood overall by non-professional individuals, or at least not properly conveyed in advertising.
There may be more to come in the pipeline regarding crypto legislation. Whether this will be a more balanced approach to raise awareness and moderate rather than moves to inhibit crypto trading remains open but wither may be forthcoming. At the moment this move helps to take Singapore off the top spot in the Coincub Q1 2022 ranking.
In keeping with maintaining its competitive position, Singapore offers firm but clear legislative guidance with a low tax on crypto earnings combined with a progressive attitude within the financial sector and lots of retail uptakes.
Bitcoin and other cryptocurrencies are recognized and accepted by the Singaporean government as legitimate. There is a strict requirement to follow laws and regulations. The country has embraced the concept of crypto and the Monetary Authority of Singapore has, like Sweden, been looking into forming its own e-money. As a major business centre, Singapore is keen to adopt the latest innovations and thinking in this area.
Singapore is actively assessing all aspects of crypto, such as trading services and blockchain technology.
Most retirement and pension funds worldwide deem cryptocurrencies to be too volatile to become part of long-term retirement schemes. There is little certainty on this at present.
Singapore is highly advanced as a financial trading centre, and crypto and digital currencies are widely understood right from the top down including the possible adoption of an e-currency.
Decentralized Finance is behind the rapid interest and growth of cryptocurrency and is underpinned by blockchain technology. The central bank, the Monetary Authority of Singapore, is looking at new financial sector regulations including stronger standards for cryptocurrency service providers and higher requirements for technology risk management in financial institutions.
Singapore is a very progressive country in its acceptance of crypto and there is a growing number of bitcoin ATMs across the country. You can spend popular cryptocurrencies like bitcoin and ether in a number of outlets and retailers, as well as on gift cards.
The gains on your bitcoin will be subject to tax prior to gifting.
There are several ways to buy Bitcoin in Singapore.
There are several ways to store your Bitcoin in Singapore, each with its own set of benefits and risks.
When it comes to storing bitcoin, it’s important to understand the security measures provided by each type of wallet, such as two-factor authentication and backup/recovery feature, and also make sure to keep your recovery seed or private key securely stored. Not your keys not your bitcoin is a phrase most bitcoin owners know very well, and there are several steps you can take to educate yourself and find out the strategy that works for you. Also, be aware of the regulations and laws in Singapore regarding crypto storage.
Best crypto exchanges in Singapore with MAS registration for Crypto exchange or Major Payment Institution licence:
| NAME | RATING | FOUNDED DATE | DEPOSIT METHOD | BASED IN | REVIEW | SIGN UP | ||
|---|---|---|---|---|---|---|---|---|
| #1 |
|
Crypto.com | 4.6 | 2016 | Credit Card Bank Transfer | Singapore | Coincub Review | Register Now |
| #2 |
|
Coinbase | 4.0 | 2012 | Credit Card Bank Transfer | USA | Coincub Review | Register Now |
| #3 |
|
Revolut | 4.0 | 2015 | Credit Card Bank Transfer | London, UK | Coincub Review | Register Now |
| #4 |
|
Independent Reserve | 3.82 | 2013 | EFT bank transfers SWIFT transfers crypto Osko/PayID Credit/Debit cards and PayPal | Australia | Coincub Review | Register Now |
Crypto.com
4.6
Coinbase
4.0
Revolut
4.0
Independent Reserve
3.82
Singapore is one of the leading players in regulating crypto and exchanges are firmly licensed and regulated by the country’s central bank, the Monetary Authority of Singapore. The combination of low tax on crypto and firm regulation makes Singapore an attractive place, but you’ll always need to check out what exchange suits your needs best and the levels of service, insurance, and protection they can offer individuals.
You have plenty of choices for choosing exchanges, both overseas and home-based ones. In all cases, you’ll have to verify your email address and identity. Local exchanges all have to comply with central bank guidelines and reporting obligations. You’ll possibly enjoy better customer support and protection with a locally based exchange whereas an established worldwide exchange may offer an increased range of features and services.
Tax is a subject never far away from bitcoin and other digital currencies. Put simply, any crypto that you purchase is treated as property, but if you trade it on a regular basis your gains will be subject to tax (17%) The Inland Revenue Authority of Singapore (IRAS) is responsible for tax collection.
Basically, there is no capital gains tax in Singapore. So, if you’re buying bitcoin or another cryptocurrency and you make a gain in its value, there is no capital gains tax to pay when you sell. If you’re trading regularly – and that’s something you have to sort out – then the gains will be subject to tax.
If you are a long-term resident of Singapore you have probably been deemed a permanent resident for tax purposes. If you are not a permanent resident, and your holdings are outside of Singapore you’ll fall under the required tax laws of your adopted country.
Mining is a hugely expensive exercise in time and money and way beyond the scope of most individuals. In Singapore, mining is not illegal but the costs of doing it might outweigh your potential gains. You’ll also have to pay income tax on your hard-earned mined coins at 17%.
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