Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, no registration required
In Singapore, cryptocurrency exchanges and trading are legal, and the city-state has taken a friendlier position on the issue than regional neighbors. Although cryptocurrencies are not considered a 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) takes a relatively soft approach to cryptocurrency exchange regulations, applying existing legal frameworks where possible. In January 2018, however, MAS issued a press release warning the public of the risks of crypto speculation and Sopnendu Mohanty, MAS FinTech chief, indicated that further legislative steps would be needed in order for cryptocurrencies to continue to grow. Chief amongst MAS’ concerns is the need to ensure that cryptocurrencies are not used for money laundering, terrorist financing, or other financial crimes. In January 2018, Deputy Prime Minister Tharman Shanmugaratnam stated that cryptocurrencies are subject to the sameAML and CFT measures as traditional, fiat currencies.
MAS continues to keep a close eye on cryptocurrencies: in addition to potential additional AML/CFT measures, in March it was reported that the financial authority was working on more robust cryptocurrency regulations specifically to protect investors.
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