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

[Imran232]

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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.

[Jatiluhung]

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.

[sana54210]

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.

[Japinat]

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.

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.

[Victorik]

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.

[Hypnosis00]

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.

[Oneandpure]

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.

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.

[TimeTeller]

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.

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.

[Jatiluhung]

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.

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.

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.

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.

[romero121]

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.