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Do you know if Bitcoin trading is legal in Singapore? I have been thinking about this, and I was wondering if there is a law on the book about it, so that we all know the legality of this.
I can only assume that it is because when I checked out the news about it, I was surprised to see that some regulators are trying to ban it.
Even though they have not done that yet, but they did say they will investigate because it is illegal to use the currency for illicit transactions. Is this true, and is Bitcoin trading legal in Singapore?
There is no law stating the illegality of Bitcoin trading, but they do say that the exchange of Bitcoins between two parties is illegal and that you need a license to be a Bitcoin trader.
So, if this is true, then I am not sure if it is also considered illegal to buy and sell Bitcoins through an exchange or some kind of broker, as a buyer or a seller.
Cryptocurrency investments are one of the best investment opportunities available for the people in Singapore to consider. If you wish to get the most out of these investments, you need to understand whether cryptocurrency investments are legal in Singapore or not.
Then you will be able to proceed with your investments while keeping the peace of mind and get the maximum returns offered.
Bitcoin is officially legalized in Singapore. This took place on 28th of January, 2020. Along with the legalization, people are provided with all the opportunity to proceed with cryptocurrency investments and secure getting the most out of it.
Bitcoin was legalized in Singapore along with the new Payment Services Act. It is regulating all the Singapore and other cryptocurrency payments that are taking place within the country.
On the other hand, the Payment Services Act has been able to regularize the trading enterprises under some of the aspects that can be found within regulatory regime. It is governing some of the selected traditional payment services that exist within Singapore as well.
In fact, those payment services will need to keep a license to ensure their operations along with time.
It is also important to keep in mind that the cryptocurrency payment services, including Bitcoin should fully adhere to the terms and conditions that are mentioned in the Insurance Act, Financial Advisers Act, Trust Companies Act and the Security and Futures Act.
The rules and regulations that were imposed on cryptocurrencies, including Singapore will be monitored through the Monetary Authority of the country. They will be evaluating the cryptocurrencies on a regular basis. Along with that, we can expect some changes to happen to the regulations with time as well.
In order to make the life easy with continuous monitoring and regulation, the Monetary Authority of Singapore has come up with a method to improve the regulatory framework of the payment services that are available within the country. Along with that, they are looking forward to further strengthen protection of consumers.
This will provide peace of mind for all the people who go ahead and invest on Bitcoin within the country. Along with time, these regulations will be able to implement trust among people to go ahead with e-payment methods.
Since e-payments will dominate the future of payments, we can consider this as a timely measure taken in order to contribute towards the betterment of the people who are trying to get used to it.
Along with the understanding that you have about legal aspects of Singapore, you are encouraged to pay special attention towards the licensing requirements as well. Then you will be able to develop confidence in yourself and proceed with Singapore trading.
That’s because you know that the government of Singapore has taken all the measures needed to ensure protection of people who venture into Singapore trading activities.
Along with the new regulations, it is important for all the cryptocurrency related firms within the country to go ahead and apply for their operating licenses. This is applicable for Bitcoin as well.
They will need to make sure that they are obtaining the money changing license. This is one of the most standardized payment institution licenses available within the country. In addition to that, the cryptocurrencies such as Bitcoin should obtain major payment institution license to operate in Singapore.
Bitcoin and many other cryptocurrencies have already obtained the license. Hence, completing transactions in Bitcoin by people in Singapore is not against the law. You don’t need to keep any doubts or second thoughts in mind when you are moving forward with it.
When you take a look at the cryptocurrency trends from all parts of the world, you will notice how the cryptocurrency industry is heavily being regulated. The number of countries that have paid attention to cryptocurrencies is increasing.
On the other hand, the total number of people who are investing on cryptocurrencies has increased along with time as well.
Therefore, it has become essential to regulate cryptocurrencies and provide a better experience to people who use them. Singapore is a perfect example for a country that has figured out the need and taken appropriate measures to cater the needs of people who are in need.
We can expect the cryptocurrency regulations in Singapore to change along with time. Hence, it is better if you can keep an eye on these changes and continue to use. Then you will be able to get the most out of the cryptocurrency investments you make.
