Bitcoin Forum

Singapore makes regulations first before crypto or Bitcoin begins to be used as a means of payment for transactions for goods or services, they care about the friendliness of developing technology, so it is necessary to make clear regulations as a legal umbrella, both to maintain economic growth and early detect money laundering caused by transactions involving crypto.

I do not agree, that this country is a place to hide regulatory obstacles to legal umbrellas in other countries, because they also make special rules governing this issue, which distinguishes Singapore from other countries only in terms of "regulatory certainty" or guarantees for industry players and consumers. also guaranteed to know information about companies that can be trusted.

Singapore is also a country that has a huge income for every native and immigrant, allowing bitcoin to grow rapidly there, and it is possible to achieve status as a Bitcoin hub and become bigger like El Salvador.

They are just crypto friendly but they are not even close to El Salvador if the subject here is how the country adapting Bitcoin technology. El Salvador definitely fully embraced Bitcoin to the point that there leader invest there country money on it. I think Singapore is just for Bitcoin acceptance same with Vietnam on adapting the use of Bitcoin in there economy.

I believe Singapore is using technological innovation to further develop its economy, despite its smaller land area, Singapore has managed to overtake some resources rich countries like mine, by using technological innovation thats why I'm, was not surprised if Singapore has been adopting Bitcoin as a form of payment in their country because Bitcoin and cryptocurrencies are fruits of technological innovation. Anyway, El Salvador has used a different approach while adopting Bitcoin because their government is venturing into Bitcoin as a form of investment while Singapore is not.  

El Salvador made bitcoin a legal tender, Singapore has not made bitcoin a legal tender, the second country that makes bitcoin a legal tender is Central African Republic.

There are many crypto friendly countries that do not make bitcoin a legal tender, but still accepting it as a means of payment and for investment.

That's what I was thinking.

The latest on the subject that I have been able to find is this:

Singapore Plans to Broaden Crypto Regulations After Shakeout (https://www.bloomberg.com/news/articles/2022-07-19/singapore-plans-a-further-strengthening-of-crypto-regulations)

The country is crypto-friendly but now, as a result of the Terra Luna and other catastrophes, plans new regulations to prevent such things from happening again:

"TerraForm Labs and Luna Foundation Guard, the entities behind TerraUSD, list Singapore as their base. Three Arrows was a registered fund management company in the city-state until earlier this year. Vauld, a crypto lender trying to stave off collapse by selling itself, is also headquartered in Singapore."

But no, they do not consider Bitcoin a legal tender.

El Salvador invests their government funds in BTC that's a big difference from what Singapore is doing. But like Singapore, El Salvador is turning the country into a tourist destination due to the Bitcoin adoption or it could just be hyped by Max Kaiser since he and his wife move to El Salvador to show support.

The government offers the BTC companies tax incentives and citizenship afaik. They really floored the adoption level in the country.

They don't really have anything in common when it comes to bitcoin adoption, especially when their government doesn't invest some of the country's money in bitcoin, but Singapore's resources are very likely.
Maybe just a matter of time?

Technology strongly supports the development of bitcoin in a better direction, currently the largest income in Singapore is through the industrial sector, where many foreign companies are growing and developing there, it is not impossible that industries related to crypto and bitcoin development will dominate the country, because there guarantees, regulations and taxes are much easier compared to other countries.

At least they are starting to talk about legal payments using bitcoin, although it has not been fully implemented in the country's journey, when viewed from the readiness to face technology, the opportunities for Singapore are much easier and faster

Accepting is definitely starting to open up, with some considerations that cannot be implemented in the near future. Such a developed country does not rule out the possibility to change the previous income pattern by implementing a new system, so that the country becomes stronger in terms of economy, industry and technology.

On the basis of the previous chaos caused by Terra Luna and other disasters, Singapore began to make new rules on this issue.

Of course bitcoin is not yet considered a legal payment, but interestingly Singapore is starting to talk about this seriously, meaning they are starting to see the great potential in bitcoin, by accommodating all their needs.
Technology and Industry will be able to collaborate simultaneously, so that the State's income can increase and become stronger.

My personal analysis, by following the current development of Singapore, is of course not entirely correct.

El Salvador has clearly accepted bitcoin in its entirety in his country, even offerings related to taxes and citizenship are a company dream.
The question is whether everyone who works in the company will be granted citizenship, or only a few people?
Because as I know, it's difficult to get citizenship, because every country has its own rules governing the matter, or this rule doesn't apply to El Salvador, Please correct me if I'm wrong

If we talking about matter of time, then the other countries will be same too. We're only need to wait until Bitcoin price already very high and it's less volatile, this will make many governments will dare to accept Bitcoin (but it doesn't need to be as a legal tender).

You're wrong by saying Singapore is the most Bitcoin friendly after El Salvador, but the correct is Central African Republic.

You can get the El Salvadorian citizenship by just live in El Salvador for minimum of 5 years, swear a loyalty oath and doesn't have any criminal activities for a foreigners [1] I think it's not hard, but you need to be patient to wait for 5 years.

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[1] https://en.wikipedia.org/wiki/Salvadoran_nationality_law

It's already a technological hub since the early 2000. There were even mass migration from our IT sector in around 2000-2010 to enjoy the benefits of being in the information technology, (developer, support, QA and other position, mostly though it is with a big bank). I know it because I was part of the exodus that time. Some of my co-employees decided to stay and continue to work there but I decided to go back to our country.

So I wouldn't be surprised that up to this day, the government of Singapore is very incline to new technologies like crypto or bitcoin in general. Again, if they become a hub, good for us as they could have been one of the best countries for a crypto startup.

Between El Savador and Central African Republic have made bitcoin as legal currency transaction but still can't give bigger impact with bitcoin price. I think when Singapore try to male bitcoin as alternative for legal currency transaction will give posotive impact. We can't guarantee Singapore agree to make bitcoin as legal currency transaction. But nowadays have many countries give positive respond about bitcoin, maybe few years later will have many friendly country will make bitcoin as legal currency transaction.

Exactly! Bitcoin being a legal tender in a country is a different story compared to other regulations from some countries, Singapore is the best example by OP.
El Salvador's current situation on Bitcoin is superb compared to other countries even as you say crypto-friendly country. So, if Singapore will start using Bitcoin as an "official" legal tender, that's the time I can consider Singapore followed El Salvador.

By design, with a decentralized network and non custodial wallets, Bitcoin does not require to be accepted as legally or legal tender to be used. All human can use Bitcoin. Legal tender is only a booster for Bitcoin adoption but without legal tender, it will still be accepted.

El Salvador is a country with massive support from their president and government but after 2 years, we can verify that the adoption can not be reached by legal tender. Education first and legal tender can has good effect.

El Salvador has envisioned the future use of Bitcoin by issuing;
• the world's first sovereign Bitcoin bonds
• building a Bitcoin City, of which the intention is for one to be free of income, property and capital gains taxes.
They are way ahead of the pack, unlike Singapore who still pokes at bitcoin with it's regulatory agents.

It's possible.

But just to let you know that they've been strict lately and that's why Binance has to make a certain service specifically for them just like their US customers.

Although that doesn't necessarily mean that they're stopping a crypto exchange's operation within their jurisdiction. It is that they're becoming stricter than usual.

The possibility is because that there's now a larger market from the crypto market and that's what they have to do filter transactions coming in and out from their country.

Last year there was talk that a permanent residence permit could be obtained with an investment of 3 BTC, and later this was allegedly changed to $100 000 in BTC. A stay in the country of 5 years is really valid for citizenship, but the exception is the citizens of Spain and Latin American countries with a period of 1 year of stay in the country. Of course, there are still some exceptions when it comes to obtaining citizenship.

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In that case, Singapore would be the first rich country/city that would accept Bitcoin as legal tender, which would be a departure from what we can currently see - which is that mainly poor countries are interested in Bitcoin in this sense. In this context, it makes no sense to compare Singapore with El Salvador, which are two completely different worlds, especially when it comes to welfare and economy.

maybe for now Singapore has not been able to legalize bitcoin as a legal means of payment such as fiat money because there is still a fear of the risks that occur.
but it is also very likely that over time Singapore will legalize bitcoin because of the large amount of support from crypto holders or fans in the country and the existence of other countries that have started using bitcoin as a legal tender and after all bitcoin can help overcome economic and financial inflation in a country.

All they are doing is "regulate" crypto currencies to make it "more friendly" (more like to try and control decentralized currencies) for their own benefit. This doesn't mean they are "the second country" to follow the footstep of El Salvador. There are literally countries that are more friendlier and has better crypto currency regulation. So Singapore isn't the second or anything. You might call it the "third" if they do make it a legal tender.

Regulating is completely different from making it as legal tender, I don't see any trusted source says that bitcoin is going to have a legal tender status in a country like Singapore because its one of the business capital of the world and a country which try to adopt anything and everything if it benefits them so they are regulating which is good also bring more revenue.

You are absolutely right,  but let's not forget that El Salvador didn't just wake up and adopted bitcoin and made it a legal tender in the country,  it started by regulations.
Every plane that is flying high up in the sky started by moving on the ground slowly and slowly until it took off.
I think if Singapore government decide to start regulating bitcoin transactions in the country,  its a good sign that, atleast,  the government is not against bitcoin,  and it's also a sign that they could make bitcoin a legal tender too if the regulation process in the country is successful.

Same thoughts actually. Crypto friendly != legal tender.
There are countless countries that are still okay with crypto being used in their country and some centralized businesses even make their own apps targeting these crypto users so that they would at least be able to hold crypto and fiat at the same time although they would undergo such processes like KYC which is really a pain in the ass.

I understand what you are trying to say but I deny the fact regulation means the government is accepting the bitcoin or cryptocurrencies, sometimes government if it doesn't want the people of the country to use bitcoin but also in the same time they don't want to take the blame of a ban what they will do is simply implement the unfair tax rates like 30 to 40% which is too much right for a common man so he may lose his interest if he has to pay half of his earning to the government as an individual.

The second? Too late for that. It would have to be the third. The Central African Republic is the second country to use Bitcoin as legal tender. I'm sure there will be a third though, so maybe Singapore?
It looks like it will rather be a South African country. Venezuela is in such a deep shit that if people finally overthrow the government there they might start accepting bitcoin. I feel like the adoption will first come from all the poor countries before the rich decide it's safe enough for them.

Let me place it this eay, Singapore is a country that has economy calmness and are desperate and eager in moving every bit chances of opportunity to develop than ever before, also fine and good they are bitcoin friendly but base on my scope of thoughts I don't think they can be equally as El-Savador, theymay oush forward in making bitcoin a legal tender as well since we have many countries that have shown interest in doing that, but the first to follow third place after Central African Republic is the fittest.

I still don't find this regulation.
But so far, we know that Singapore is one of the countries that really support the crypto industry, being friendly to the crypto industry and getting more adoption. However, if considering it as a legal tender like El Salvador, they are still not announcing it right?
Because we know that this will need certain complicated regulations. But for me, as long as they are friendly and accept the crypto industry, it has been enough.

Singapore is different from El Salvador based on the way bitcoin is being used. In Singapore the usage is regulated and can be used without any legal problem. The country is much into technology and are highly developed in all sectors. El Salvador have made bitcoin as legal tender which no country have done it. Singapore won't be following the footsteps of El Salvador and what El Salvador does is not an easy thing to be done by any of the countries.

We do have currently 2 countries make bitcoin as a legal tender.

1   Central African Republic   Africa   
2   El Salvador

Source: https://coinmarketcap.com/legal-tender-countries/

Its true that making it as a legal tender isnt something an easy integration or total make out such changes
specially if we do talk about currency to be used.

I'm uncertain but what I'd just hope for them is they have planned it carefully and don't be like El Salvador who tremendously lose their effort due to no concrete plan and fail. I'd just hope they got an idea from others and it is not only to have regulations but they need strong support for their members and their people to accomplish this big project, otherwise, they will also fail.

But anyways, it was good to see that more countries are making their way to legalizing Bitcoin as a currency. I'd foresee more countries will going to follow as long as they will see success from those who start already.

Yes, in order for Singapore to follow in the same footsteps as El Salvador's, they need to declare bitcoin as a legal tender. I think they will never do so, not at least in the short/midterm and they will only support bitcoin acceptance only verbally. Anyways Singapore is much better than countries as they do not declare it illegal as many other neighboring countries.

El Salvador doesn't really "invest" the money they have, they invest a fund that they have which normally goes into investments anyway, so they just changed investment method and moved it from like stocks or even business' (like airports which are usually more expensive than what private companies would pay to build) and that's an important thing.

What we should be looking for right now is the fact that there is a whole nation that is fully supportive of bitcoin and the bitcoin community isn't showing enough support. Max Keiser is a great example but we are not really showing love even from far afar. Like "people who support El Salvador from other nations" type of grouping that keeps pouring love. That doesn't exist.

Singapore is wealthy and have its own currency. El Salvador is a small country that try to make a change of investment. It is under criticism, but the strong adoption will give hands in the long run. Singapore won't get into such acts, maybe it can make cryptocurrency even more user friendly. Beyond that we can't think of bitcoin adoption as legal tender. Singapore too a country that have taxed cryptocurrency as a higher percentage.

Most people is Asia know Singapore as a free and developed country compared to other similar countries in Asia there the governments will allow people to have wide economic borders and recently I saw many startups in Singapore about bitcoin and cryptoccurencies where the governments won't have any problems with them, so can call Singapore as a bitcoin and cryptocurrency-friendly country where people can have more economic freedom also in Singapore there are many places where you can use bitcoin as a payment method without of any problem instead of another payment methods.

Regardless if it is the second country or not, one thing is for sure is that Singapore will continue to be one of the best country that technology are being utilized and very welcome by the government. Yes, they are tiny, but the people leading this country is a visionary and knows that technology will be the future. So bitcoin and crypto will continue to grow and they will be one of the countries that will lead bitcoin mass adoption and application.

I also think so because Singapore is a country that likes to do business and also likes to develop things with existing technology. So that technological progress in Singapore is also experiencing very good development. And from what I read in an article (https://ekonomi.bisnis.com/read/20220405/620/1519357/sah-singapura-perketat-aturan-soal-cryptocurrency) that for cryptocurrencies there is also no prohibition there even though there are special rules so that things related to cryptocurrencies also run above the rules that have been applied in Singapore.

Singapore is considered a crypto-friendly country and I remember the tax that individuals earn from crypto pay to the government is 22%, unlike India which is up to 30%, Indonesia is 45 %, Philippines is 35%. 22% is also considered one of the lowest tax rates compared to neighboring countries.

Whatever the purpose of the government of Singapore, the fact that they accept bitcoin to become legal in their country is good news for the future of bitcoin as well as for Singapore investors. They are a country with a very developed economy that is considered the dragon of Southeast Asia, so their acceptance of bitcoin is considered an important step in the development of bitcoin in the process of global legalization.

But the resources they have can allow it to be realized more quickly, legalization of bitcoin as a means of payment is possible, or limited to the few products and services that can be used. In general, they can also refine things that are deemed necessary after the rules are put in place first

Looks like you misquoted, I'm not saying Singapore is the most Bitcoin friendly after El Salvador, you can reread my posts and comments.

Singapore has abundant capabilities and resources, technology in the country is also quite developed, it is not impossible that Singapore will be the best country for crypto startups, but time is decisive and opportunities must be seen as positive, that's how developed countries work to accept something new.

Maybe this mess is related to tera luna, as are some of the releases I've read, forcing them to review the standard rules, maybe it's also a way of suppressing decentralized transactions, so crypto is the only one that works and doesn't. have many entrances for other (Controling)

It is not appropriate to compare Singapore with El Salvador in terms of economic growth, these two countries have vast differences. But I don't mean that, but rather the method of adopting bitcoin by El Salvador, so that Singapore can legalize bitcoin as a legal means of purchase at a later date, after regulations are established and the public begins to accept it.

My point is only on legal tender, but the comparison remains with El Salvador, because the only country that is trying to be different, towards the adoption and legalization of bitcoin, might be a third, fourth country for Singapore

But it also doesn't rule out the possibility, it hasn't been agreed by Singapore to make bitcoin a legal tender, this is just a discussion and analysis that I made. Based on the new rules they are starting to develop, but at least Singapore is starting to open up to a more advanced direction, in the context of crypto in general and bitcoin in particular.

I'm not from Singapore but I don't agree that Singapore is the same as El Salvador because Singapore, unlike El Salvador, is fully supported by the government, including their president, but Singapore is very supportive of technological progress so it looks good if bitcoin is widely adopted there, let alone the economy in Indonesia. their country is also good, I'm also from an Asian country but I think Singapore is the most crypto-friendly from other Asian countries

There's no doubt that Singapore acknowledges the benefit and use of Bitcoin in their country but they are also a country that's strict regard to laws and regulations. Therefore, a country Singapore will never follow the footsteps of El Salvador because they legal Bitcoin as legal tender while Singapore legalized it as payment with regulations.
To be candid, it will be hard to see a country that will do what El Salvador did.

I never truly understood what happened to Singapore though, I mean how did they become like... this? I mean back in the day they weren't always like this and they became something that is amazingly well improved which is awesome for them. Nowadays when you think about developed nations, you do think about Singapore as well.

I am not saying that it is something nobody else can achieve, but for a smaller population nation, they regulated the rules good enough to attract many many business' and companies. All in all they are definitely looking into crypto from the same perspective to attract all the big corporations in the crypto world as well.

I not understand what in government minds when they try accepting bitcoin as legal currency transaction but most disappointed when implementing about 30% until 40% tax rate. Looks crazy when have transaction digital assets adopt very bigger tax and how come taking profit as investor or trader when government blame with values for tax rate. Have planning did by Indian government because they want give space and make bitcoin as legal transaction in their country but have bad side with tax rate reach more than 30%. I think give up if tax rate above 30% and not have way for us get profit more than 50% every day. My country have adopt tax when transaction selling or buying altcoin assets with exchange local market, they not care about loss or not keep pay tax each transaction made.

I really only realized now, it is something that is expected to continue to develop especially for a country with a low economy and no currency of its own.

For countries like Singapore or other countries that actually have good economic conditions, I don't think they will legalize bitcoin so quickly as a means of payment. Indeed there is something that can be expected to change and regulation could become legal as a means of payment in the future, but the government will not prioritize that. I think they prefer to regulate and formulate good ideas to generate more profit without interfering with other payment systems by not legalizing bitcoin as a means of payment. So, instead of saying they legalized bitcoin, I think regulating it is much more likely for Singapore at this time.

I'm quite familiar with Singapore. I agree with the news that if it's new, the agenda is still a long way to go if it's equalized with countries that adopt bitcoin legally. It will add weight if the legal umbrella they create themselves makes crypto more profitable in that country. strengthening. the positive impact may be that bitcoin will increase the daily transaction volume in liquidity and transaction density. I hope this kind of news can strengthen and will lead to a bullish market in Q4.

Yeah, i have also heard many news about Singapore showing interest in cryptos.
But yes it’s not at all fair to compare it with El Salvador. I mean El Salvador has set high benchmarks for all the nations in accepting Bitcoins as a legal tender, so yes Singapore has a lot of distance to travel.
But this isn’t at all a bad news. I mean seeing this type of positive response from Singapore, other nations might also show their interest in the crypto market and in adopting of the crypto technology.
Nevertheless let’s hope for the best.

El Salvador is the only country in the world that has directly legalized cryptocurrency. There are no restrictions. The use of Bitcoin in that country is permitted through a legal process. Singapore is one of the modern cities in the world with a large influx of foreigners. Although Bitcoin use has been welcomed there, no legal measures have been taken against it, as in the case of El Salvador. However, Singapore can establish itself as the 2nd country on the list of countries to legalize Bitcoin.

I want to see this become successful but yes, it takes more time to finally gain a major adoption to the people from Singapore. I hope they already have learned some lessons from what it happened to El Salvador making them more prepared and probably they already have a better strategy to make things went successful despite the slow adoption rate.
Likely, this could give a huge impact to the market demand but not I think this will lead to bullish, it was not enough to trigger such thing IMO.

Don't give deep meaning about things happening on Singapore since first they are rich country and they can survive even if there's no crypto on their circulation. They are just been a crypto friendly since they see a widespread of demand thru their citizens about it, so if there's adoption the same with El Salvador will happen to that country I think this will not happen any soon since there are so many things need to consider before making it as their legal tender to happen.

That the real answer is because these countries are just being neutral considering the others are turned hostile about bitcoins. We just need to appreciate those countries that didn't take advantage to implement heavy taxes or totally ban them. Because of them, we feel the growth of bitcoins nowadays and we are not yet into some scenarios where a successful country like Singapore will totally follow El Salvador's footsteps regarding bitcoins. But we are heading towards that future when everything is set.

They support Bitcoin because they are concerned about its future development. Might see a lot of countries are planning to fully embrace Bitcoin but they are just observing those who come first before making a move. I'm not sure but I think Singapore also had waited for the right moment to enter the market, unlike El Salvador which got mess upon investing during the bull season which literally gives them losses for now. The lack of preparation seems to be a big factor in failure and I think Singapore has already done it.

Have several countries give neutral feedback about bitcoin as legal currency transaction or not, but another country take care with their travelling business, maybe when accepting bitcoin as legal currency transaction get bigger impact with tourist coming. I think Singapore keep neutral with bitcoin because they not in country list for banned bitcoin as legal currency transaction, I sure what did by El Savador when making bitcoin as legal currency transaction make Singapore want to give opportunity for bitcoin how could develop and help their economic country. Have bigger impact later what most success country like Singapore adopting bitcoin as legal currency transaction at the future.

Well, wishing for the best and success of this country in regards to crypto adoption, and to all countries who are following the footsteps of early adapters. I was thinking this could be a big challenge for them as this won't instantly get much attention and courage from their people but nothing they lose if they will never quit just like how El Salvador despite of many criticism and rallies.
Someone should have to push and keep moving on in order ta change the mindset of the people, otherwise, this attempt will fail.

I understand that Singaporeans have a strong belief and awareness of Bitcoin as a crypto currency in the form of investment, Singapore is ranked 63rd, especially the Asian part, Singaporeans' understanding of Bitcoin is different from El Salvador's, there are three categories of Singaporeans who think of Bitcoin as.
1. Investment assets.
2. store of value and
3. There are those who consider Bitcoin as currency.

Talking about adoption, l can say that the average Singaporean, probably almost all of them have bitcoin HODL Bitcoin, the majority are men and the rest are women, for that I believe Singapore can be better than El Salvador in adopting Bitcoin or considering it as a payment asset, in the future.

Developed countries like Singapore have a different understanding of Investment Assets, they are more likely to put money in something that can generate profits. For example, buying bitcoin, as the discussion we are discussing

Fiat currency is considered to have failed as a store of value, because it has a much greater intrinsic, bitcoin has utility as a store, that's why bitcoin deserves to be kept in its form.

Bitcoin as a currency, because it is very possible to be applied in buying and selling, both goods and services, the characteristics of bitcoin itself have a value that can be exchanged, so it is quite possible for bitcoin to be legal in application, this movement has been initiated by El Salvador.
The switch to payment instruments can be done as long as people's understanding has developed, accommodates what needs to be improved and provides security guarantees in the use of bitcoin.

On this basis I think Singapore will be much better off in terms of adoption and legalization of bitcoin as a legal transaction tool. Although in fact today, they are not yet fully implemented, but if you look further, this is very likely to happen

Many government proposes or implement laws without knowing what is going to be the reality, 30% may look fair for them but if the rate applies for small and big traders equally then its a flaw. When taxation system was introduced it meant to collect tax from rich people and serve for the others in the country but now everything changed the richest person in the world is paying less tax than his employee so its time to make better taxation system all over the world.

Singapore categorizes Bitcoin and Altcoins into investment assets, just like my country does...

Southeast Asia has a fairly large interest in cryptocurrencies, making many countries in Southeast Asia think hard to remain friendly with cryptocurrencies.

my country in recent years, not against cryptocurrency circulating here, our government only opposes using the cryptocurrency for payment (legal tender)

in this case, the positive effect that the government can get is a tax from crypto. The growth of cryptocurrencies cannot be stopped by anyone, making them friends is the best decision that many countries have to make.

developed countries and are friendly to bitcoin will make Bitcoin a legal medium of exchange, this will be very good news for the development of Bitcoin in the future.
And it's not only Singapore that will legalize Bitcoin as a means of payment, maybe other developed countries will also follow suit, it's just a matter of how local government regulations regulate it so that Bitcoin can actually be used.

Yes El Salvador is the only person who has legalized the simultaneous acceptance of Bitcoin in his country In his country now he is trading Bitcoin and fulfilling the hopes of everyone and opening something new in everyone's mind.If the government of every country was like the government of Badr this year, Bitcoin would have been legalized in the country long ago.But very soon every country like El Salvador needs to get and give Bitcoin.

That's right, my friend, as one of the criteria for developed countries, Singapore must immediately be able to accept developments with the progress of crypto, including bitcoin. but the state must also provide protection for its users with rules that need to be adjusted, because not everyone already understands bitcoin which could just be the bitcoin criteria that are difficult to guess it will harm many people who do not understand.
clearly Singapore will not be able to get out of the development of bitcoin and they must be willing to adopt it immediately, but it seems the government itself is still studying the impact of bitcoin itself by still limiting it gradually.
but this is certainly good news for the development of bitcoin so that it continues to penetrate many countries to be adopted and this will make bitcoin will enter the best period.

Although Singapore is advanced in many ways, the Terra USD platform claims to be in Singapore. Which is why even though Singapore is cryptocurrency friendly, they are currently suffering the consequences of their failure So currently Singapore has more PCs than unique countries in terms of cryptocurrency.

Singapore is not going to announce bitcoin as the main currency like El-Salvador. What Singapore is planning is to create a legal framework for the crypto related businesses. Singapore is well know for their business friendliness so it was very much expected for them to create a framework for everyone's benefits. This will possibly allow its citizens to use bitcoin as a payment method but under no circumstances, bitcoin will be notified as the main currency. Singapore's administration is quite well educated not to take such suicidal decision especially when they have an example of El-Salvador.

But yes, with the help of the legal framework, Singapore is possibly trying to become the crypto business hub for the world. And with their determination and corruption free administration, they are highly likely to achieve that.

Singapore is already strong in its position not consider bitcoin as legal tender. They're added under the property which can be used for investment and can be bought through different channels available. Singapore is recognised as the best country to open business based on the survey made by World Bank in 190 countries. A perfect framework will make way for the betterment of cryptocurrency into businesses.

I need to suggest that El Salvador haven't failed, it have taken a big step forward. Maybe now it looks like a suicidal decision, but the growth will happen for sure. If the market could've turned bullish after the adoption by El Salvador, we could've praised the country which is the hard truth.


The corruption free system itself a big success for the government and surely it can serve as the crypto business hub for the Asian market.

Singapore has been a very popular tax Haven and regulation-lax place for cryptocurrency entrepreneurs and project leaders to register their businesses ever since countries started regulating cryptocurrency. This is why most ICOs (initial coin offerings) chose Singapore as the country for their business registrations, especially scam ICOs  which wanted nothing more than not to have regulators watching over their shoulders as they stole the hard earned money of investors and paid almost no taxes for it.

If Singapore makes Bitcoin legal tender then that's a step in the right direction towards redemption.

According to my knowledge, Singapore is not the 2nd country to legalize bitcoin in their country. And according to your post, they have actually not made it legal tender like in El Salvador, they just accepted it for the users. so that they can actually track the users' activity on the blockchain. Singapore is a country that I liked the most because of their work for their country and how the government actually works for their country's environment. And they made lots of regulations for their people, and people actually followed the rules that became successful for their country. And Singapore is a role model country for other countries. And they are always welcoming to technology. I would be surprised if they accepted BTc and crypto. Well, I will be happy about this. It's how they execute their plan that's more important. That's my overall opinion; others might be different. Thank you.

Singapore is indeed a very open country in business. they embrace all business sectors. and does not make it difficult for anyone to do business there. Yes.. Singapore is a strategic country when it comes to business. it is very possible that later Singapore will also become one of the earliest countries to adopt bitcoin. but to go that way. Singapore is sure to go round in circles in its preparation efforts. and so that there will be no opposition to the country. because I know Singapore is very smart in business. so the country will not be careless in every action it will take. but considering the current economic conditions. so I think it is still a long way to go. but not to be second after el salvador.

That's literally the reason why they grew so big. Many rich people move their business there if it becomes international, you may not have to pay a lot of taxes, but you invest in there basically, like headquarters, which means that there will be a lot of money residing there, both sides win from this.

Business owners win because they keep their money safe and not taxed a lot, and Singapore wins because they get a lot of money which they can leverage against and get even more money. Think of them like Asian counterpart of Swiss banks, similar logic but even more legal and not really followed by SEC as much, so it is definitely a good way to go if you are a crypto business owner.

Exactly, Singapore is a neutral country when it comes to business and wide open to accept what the other people or countries has to offer to them, that's why they are booming up until now and maintained their status internationally. But when it comes to bitcoin adaptation, they are just a friendly country that is still observing what will be the outcome of the most countries who also adapts bitcoin, they aren't even that close to be compared to El Salvador just like what the OP said. Currently, El Salvador is having a crisis that's why Singapore have stayed and maintained their stand for the meantime.

If you say Singapore is a cryptocurrency friendly country, I will agree with you but to compare them with El Salvador in terms of BTC adoption, I will disagree. When it comes to cryptocurrency adoption, I don't think they are any where near El Salvador, considering the huge investment El Salvador has put into BTC.

It was stated " will follow the footstep of El Salvador", it does not mean we are comparing Singapore to them because as we know, El Salvador has done a lot in Bitcoin adoption already which makes it ahead of the other countries. But, the adoption is still going on, we can't just know if Singapore will even push more and acquire more Bitcoin in the future which might surpass how much the other countries did.

This is not a competition anyway. Rich and developing countries will probably take their move as well someday which might surprise us.

Neutral country for Singapore about bitcoin? I think have several issues last years about Singapore not friendly country for bitcoin and cryptocurrency. Little reason you can saw with Binance exchange market can't access by using Singapore IP last several months and I don't know right now have been restore or not. I think problem with some countries when banned access for cryptocurrency exchange market looks they not friendly and give positive side for cryptocurrency.
Nowadays maybe have changed viewed with bitcoin because have many advantage when allowing bitcoin as legal for investing because Singapore still not give access way for bitcoin become legal currency transaction. Singapore is most successful country in south Asia and I think if really excited for adapting bitcoin as legal currency transaction give more positive impact later for bitcoin.

Also, I don't think Singapore will make BTC as legal tender.
But we can appreciate the fact that SG is more open to crypto businesses.
As they are one of the tech hubs in Asia, they are open to technological advancement like the btc market.
We can't compare the adoption as the government itself has different approach towards crypto market.

Yes, that's what Singapore is like. they become heaven for businessmen. and indeed many from various countries are building businesses and opening offices in Singapore. there everything is not complicated when it comes to business. they are so open in all business sectors. so do not be surprised if many businessmen from various countries are interested there. and that's where Singapore developed. because of course they can benefit greatly from the various businesses brought to the country.

Yes, it is true. and they are good at making legal umbrellas. and legality is important there but the process is not complicated and makes it easier for anyone with business needs. and of course they also in crypto matters will be the middleman. and they won't want to go against either side. because it is by intermediary that they benefit from both sides. namely from pro-crypto countries and anti-crypto countries.

Singapore made the crypto regulatory framework during the year 2020. Singapore is open to all sort of business and creates the best support system for business opportunities. In all means Singapore still haven't made a decision similar to El Salvador. As Singapore doesn't have capital gains tax, cryptocurrency investment for long term investment doesn't have taxation.

The government have close observation over the cryptocurrency businesses and a result of the same, this year Singapore government banned lot of cryptocurrency products from marketing. The adoption looks to be happening slow, but in a well planned manner.