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Anson Zeall: 5 Reasons Why Singapore May Become The Cryptocurrency Hub of Asia

Tech hubs across Southeast Asia are racing to become the next Silicon Valley, from Thailand to the Philippines. But there’s a particular niche that Singapore has the opportunity to excel in, becoming a “Crypto Innovation Island” or “Crypto Island”.

This consensus is emerging amongst some influential Bitcoin (BTC) entrepreneurs based in Singapore, ranging from David Moskowitz and Adam Draper to Anson Zeall.

Singapore Government: This is How We Intend to Tax Bitcoin

Singapore has given guidance on how it intends to tax bitcoin transactions for businesses and merchants, becoming one of the first governments in the world to do so.

Singapore-based bitcoin brokerage Coin Republic received an official response to its requests to the Inland Revenue Authority of Singapore (IRAS) for clarification on how to handle capital gains, earnings, and even GST (aka VAT, or sales tax) on bitcoin exchanges and bitcoin related sales.

Coin Republic provided the IRAS with a number of detailed scenarios to match its business activities, and asked the authority to review the tax implications for each.


Singapore government changes its mind, will regulate Bitcoin after all

In a reversal of its earlier stance, the Monetary Authority of Singapore (MAS), the country’s central bank, says that it will regulate virtual currency intermediaries that operate within its jurisdiction. Its goal is to address money laundering and terrorist financing risks. These intermediaries include the many Bitcoin exchanges and Bitcoin vending machines that have started operating in Singapore recently.

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Testing Bitcoin ATMs in Singapore

 

 

 

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