Singapore is the second country to follow in El Salvador's footsteps, do you agr

[lizarder]

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.

[AbuBhakar]

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.

[masterrex]

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.  

[Oshosondy]

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.

[Poker Player]

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

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.

[bittraffic]

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.

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.

[lizarder]

El Salvador definitely fully embraced Bitcoin to the point that there leader invest there country money on it.

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?

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.

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.

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.

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

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.

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.

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:

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

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

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 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.

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

[Solosanz]

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?

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.

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

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.

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

[btc_angela]

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.

[Bobrox]

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.

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.

[GreatArkansas]

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.
(....)

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.

[tbct_mt2]

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.

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'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.

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.

[Cryptomultiplier]

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.

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.

[livingfree]

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.

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.

[Lucius]

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.

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

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.

Permanent residency status in El Salvador can also lead to citizenship through naturalization, on a time-frame of 1-5 years. Those eligible include:
Persons who are nationals of Spain or Latin American countries, who have established a one-year residency;
Foreigners from anywhere who have established a five-year residence in the territory;
Foreigners who are married to Salvadoran spouses and have established a two-year residency; or Persons who have rendered exceptional service to the nation. (Available only by legislative decree).

~snip~
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.

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.

[cloudfir3e]

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.

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.

[adzino]

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.

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.

[Findingnemo]

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.

[Fivestar4everMVP]

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.

[isaac_clarke22]

~

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.