Singapore government adopting hands-off approach to Bitcoin
The Monetary Authority of Singapore, the city-state’s central bank, told a local trading platform that it would not interfere with its Bitcoin services. “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” officials told Coin Republic. This is congruent with previous statements the Singapore government made regarding its intention to remain uninvolved with digital currencies. This is one more piece of evidence for those who believe Singapore is poised to take over Switzerland’s role as the world’s....
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While some world governments are taking a hands-off approach when it comes to bitcoin, others are getting their hands right in there and seeing potential for additional revenue. News reports out indicate that the Singapore government is planning to tax a cut of some bitcoin transactions. Reportedly, companies registered in Singapore who exchange bitcoin for goods and services or buy/sell bitcoin are subject to being taxed, according to the Inland Revenue Authority of Singapore (IRAS) - the country's tax authority. On the other hand, companies who purchase bitcoin and hold for the long-term....
The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs. Singapore Government’s Data on Cryptocurrency Scams The Singaporean government has revealed the number of reports related to cryptocurrency scams the police received in the past three years. In a written reply to a parliamentary....
Bitcoin can be regulated in a number of ways and control of the operators is the choice that Singapore officials decided to make. So, looks like Singapore government decided to put all paperwork in the hands of the Bitcoin traders. Quite convenient indeed, why regulate transactions if one can just take a sneak peek at those who commit the acts of turning fiat into digital coins and back. This idea came from the Monetary Authority of Singapore (MAS) previous Thursday. Ong Chong Tee, the Managing Deputy Director has supported the government’s intention with a warning statement that users of....
The second most populated country in the world is stepping up to the plate to consider Bitcoin and provide this digital, decentralized cryptocurrency an opportunity to flourish prior to regulating. With a population of over 1,232,530,000, India is a hotspot of potential for growth of the Bitcoin currency and community. Right on the top of the list of the most tech-oriented nations, India will take a leap forward should the Reserve Bank of India truly take a hands off approach towards the Bitcoin currency. As the Indian Rupee is calling for attention with higher rates of inflation, the....
Singapore-based bitcoin startup CoinPip is one of 10 technology companies selected by a government agency to represent the country at this year's South by Southwest (SXSW) event in the US in March. Notably, this is the first time a national government has shown such support for bitcoin enterprise development. Participating companies are being sponsored to attend by Infocomm Investments, the investment arm of Infocomm Development Authority of Singapore (IDA), a government agency and regulator. CoinPip CEO Anson Zeall told CoinDesk he aims to use the appearance at SXSW to raise awareness of....