4th July 2018

Cryptocurrency Regulations in Singapore

Cryptocurrency Regulations in Singapore

Cryptocurrencies: Not legal tender

Cryptocurrency exchanges: Legal, registration with the Monetary Authority of Singapore required

In Singapore, cryptocurrency exchanges and trading are legal and the city-state has taken a friendlier position on the issue than some of its regional neighbors. Although cryptocurrencies are not considered legal tender, Singapore’s tax authority treats Bitcoins as “goods” and so applies Goods and Services Tax (Singapore’s version of Value Added Tax). The Monetary Authority of Singapore (MAS) has adopted a neutral position on the growth of cryptocurrencies: in 2017 it clarified that, while it would not seek to regulate virtual currencies, it would regulate digital payments tokens (DPT) if those tokens were classified as “securities”. Although it has taken an even-handed approach to date, in 2020 MAS issued warnings to the public of the risks of investing in cryptocurrency products. 

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