Bitcoin in Singapore

[will_see]

Hey there! Could someone help me pls. I'd like to know what banks in Singapore are working with bitcoin related companies?

[b-trading]

Hey there! Could someone help me pls. I'd like to know what banks in Singapore are working with bitcoin related companies?

I dont know i'm not living in singapore maybe you can try to search it on google

[LFC_Bitcoin]

I'm not from Singapore but this article is 3 days old -

https://www.cryptocoinsnews.com/bitcoin-progress-report-fast-growth-singapore/

Little quote from it (looks very positive over there) -

Growth has been so swift that the Inland Revenue Authority of Singapore (IRAS) introduced a new set of tax guidelines for businesses choosing to use Bitcoin and other digital currencies last month. Businesses that buy or sell goods or services using digital currencies are required to record sales based on the market value of the digital currency at the time. Businesses that trade digital currencies will be taxed on any profit received, including miners and exchanges.

“Businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules,” states the IRAS. “They will be taxed on the income derived from or received in Singapore. Tax deductions will be allowed, where permissible, under our tax laws.”

Sounds very American, but there is one very special difference. Unlike in the West, businesses that buy for long term crypto-currency investment will enjoy tax-free capital gains on any profits made from the sale of digital currencies. The IRAS applies no capital gains taxes in Singapore. This indicates a very friendly regulatory long-term interest in Bitcoin and other digital currencies. Luo believes that a country that understands Bitcoin more will have a much friendlier stance towards it.

[Bitcoinpro]

I was in Raffles Plaza today its a Powerhouse and is rated the most market friendly economy in the world, my kind of place

[DaddyMonsi]

I was in Singapore last year for a business trip and one of my side trip is to look for seller of an asic miner but unfortunately I have no luck in finding one. Hopefully this December I can find one and bring home.

[teddy5145]

As far as i know bitcoin isn't that popular that popular in South East Asia, but i could be wrong 
Try to search at google first maybe you'll find something 

[afriezalie]

I think bitcoin has small portion in Singapore. Bitcoin isn't popular in Singapore i think because their fiat has good rate right now. So it's hard to find companies related to bitcoin in Singapore. That's my opinion.

[jacktheking]

Hello there. I'm from Singapore too. I have been using Bitcoin for around a year now. I only saw one physical store that accept Bitcoin so far. From what I know, there is no bank working with Bitcoin related companies yet.

A portion of people use Bitcoin because they dont trust bank with their money. Thus, I wont suggest you looking into bank that work with Bitcoin related companies.

[ranochigo]

Hey there! Could someone help me pls. I'd like to know what banks in Singapore are working with bitcoin related companies?

I'm a Singaporean myself.
I don't know about any bank working with Bitcoin but DBS recently organised a blockchain hackathon. https://www.coingecko.com/buzz/3-winning-hacks-from-the-dbs-blockchain-hackathon-in-singapore. You can find more news here https://www.facebook.com/pages/Bitcoin-Singapore/431452580303555.

[operrajunk74]

Hello there. I'm from Singapore too. I have been using Bitcoin for around a year now. I only saw one physical store that accept Bitcoin so far. From what I know, there is no bank working with Bitcoin related companies yet.

A portion of people use Bitcoin because they dont trust bank with their money. Thus, I wont suggest you looking into bank that work with Bitcoin related companies.

Yeah even I was in singapore last year, but I couldnt find a single store who accepts bitcoin as a payment. As you are localite you are aware where they accept and where they not. So next time I would visit you first and then that store 

[pikebu]

Singapore Will Not Regulate Cryptocurrencies and Partners with Hong Kong for Fintech. Singapore is making some waves when it comes to cryptocurrency like Bitcoin. While Singapore has a lot of ties to China when it comes to culture, education, and economy, it’s not following China’s lead when it comes to digital currency. http://bitcoinist.com/singapore-will-not-regulate-cryptocurrencies-partners-hong-kong-fintech/

[junoreactor]

I'm not from Singapore but this article is 3 days old -

https://www.cryptocoinsnews.com/bitcoin-progress-report-fast-growth-singapore/

Little quote from it (looks very positive over there) -

Growth has been so swift that the Inland Revenue Authority of Singapore (IRAS) introduced a new set of tax guidelines for businesses choosing to use Bitcoin and other digital currencies last month. Businesses that buy or sell goods or services using digital currencies are required to record sales based on the market value of the digital currency at the time. Businesses that trade digital currencies will be taxed on any profit received, including miners and exchanges.

“Businesses that choose to accept virtual currencies such as Bitcoins for their remuneration or revenue are subject to normal income tax rules,” states the IRAS. “They will be taxed on the income derived from or received in Singapore. Tax deductions will be allowed, where permissible, under our tax laws.”

Sounds very American, but there is one very special difference. Unlike in the West, businesses that buy for long term crypto-currency investment will enjoy tax-free capital gains on any profits made from the sale of digital currencies. The IRAS applies no capital gains taxes in Singapore. This indicates a very friendly regulatory long-term interest in Bitcoin and other digital currencies. Luo believes that a country that understands Bitcoin more will have a much friendlier stance towards it.

Interesting.
So Singapore, which is officially a dictatorship (please correct me if I am wrong), is Bitcoin friendly while in my home country France, which is technically democratic, stories like this happen.
Again, it does not even surprise me the least and says a lot about France, sadly.
Good to read this about Singapore anyway 

[princesocapuyo]

Yes I have been hearing that Singapore is extremely Bitcoin-friendly. I'm not sure about the tax implications yet, but it is being used all over, more so than other cities.

[gribble]

Singapore Will Not Regulate Cryptocurrencies and Partners with Hong Kong for Fintech. Singapore is making some waves when it comes to cryptocurrency like Bitcoin. While Singapore has a lot of ties to China when it comes to culture, education, and economy, it’s not following China’s lead when it comes to digital currency. http://bitcoinist.com/singapore-will-not-regulate-cryptocurrencies-partners-hong-kong-fintech/

If Singapore regulates its cryptocurrency and bitcoin exchange markets, there exists a highly probability that along with Japan, Hong Kong, and South Korea, Singapore will evolve into a major bitcoin market. Consequently, Asia will likely emerge as the cryptocurrency powerhouse region, considering that Japan is accountable for at least 68 percent of bitcoin trades and that the South Korean Ethereum market remains as the largest Ether exchange market in the world.

[wisdomcn]

From information gotten from this site https://www.buybitcoinworldwide.com/singapore/ show that residents of Singapore can purchase bitcoins on Coinbase using three payment options which are credit card, debit card, or bank transfer. For your bank to allow you or enable transaction to third parts that means they are working with them.

[pat4cryptoreal]

I think singapore  government accepting bitcoin means that the country do not want to be left behind in the technological and financial trend that bitcoin is bringing.

[rayneh]

I think singapore  government accepting bitcoin means that the country do not want to be left behind in the technological and financial trend that bitcoin is bringing.

In Singapore the utilization of bitcoins is more than the use of the Singapore dollars since they realized that the bitcoins is much more protected then the money now a days nearly everybody in Singapore is utilizing the bitcoins on the grounds that in Singapore the bitcoins is acknowledged by each one so it’s not too hard to utilize Bitcoins in Singapore the understudies are appreciating the bitcoins on the grounds that they need their future brilliant and no one but bitcoins can help them in there points.

[ranochigo]

I think singapore  government accepting bitcoin means that the country do not want to be left behind in the technological and financial trend that bitcoin is bringing.

In Singapore the utilization of bitcoins is more than the use of the Singapore dollars since they realized that the bitcoins is much more protected then the money now a days nearly everybody in Singapore is utilizing the bitcoins on the grounds that in Singapore the bitcoins is acknowledged by each one so it’s not too hard to utilize Bitcoins in Singapore the understudies are appreciating the bitcoins on the grounds that they need their future brilliant and no one but bitcoins can help them in there points.

Sources?

What the hell are you talking about. The adoption of Bitcoin here is EXTREMELY low, its almost non existent. Most brick and motar shops here do not accept it at all, same with most of the shopping sites here. Singapore dollar is stable and most of the Singaporean view SGD as a stable currency and Bitcoin as a novel idea.