Singapore's crypto-activities

[Lens]

The Singapore witnesses a massive growth in crypto-related investments in 2021. According to the briefing, the crypto-related investments that was completed last year was $1.48 billion in value.

Singapore is well known for cryptocurrency related activities and the regulatory scrutiny put in place by the government will definitely increase the cryptocurrency activities this year.

 

[Lens]

Singapore has tightened crypto regulations, since Sept 2, 2021, the Monetary Authority of Singapore has banned Binance from operating in its territory. Since Jan 22, all crypto ATM facilities are closed. There is also a prohibition on crypto providers from promoting either in public or online.

The regulation that was imposed is would clearly states the boundary of cryptocurrency operations. This is necessary because of the massive adoption in Singapore.

 

[Monster Masterpiece]

This is good but we do not know the subsequences of VAT or fees applied or regulations or anything similar and if you are a winner after paying VAT to the state or not.

 

[Nomad]

Crypto.com, one of the largest crypto exchange platforms, is based in Singapore, right? Singapore seems to be a fertile ground for crypto enthusiastic.