Crypto Country Spotlight: Singapore  🇸🇬

1. In October 2022, the Monetary Authority of Singapore (MAS) gave In-Principle Approval for a Major Payment Institution License to Coinbase and Blockchain.com to launch digital payment token services in Singapore. Crypto.com had already secured this Approval in June 2022.
2. In September 2022, DBS, Singapore’s largest bank allowed about 100,000 of its rich clients with investable assets of at least USD$246k to trade Bitcoin, Bitcoin Cash, Ether and XRP on its Digital Exchange. That September, it also announced its partnership with The Sandbox to launch “DBS BetterWorld” to let its clients access banking services in the metaverse.
3. Allowing banks to dabble in the crypto space is probably why a senior minister said in November 2022 that Singapore banks must hold $125 of capital against every $100 exposure to crypto assets like Bitcoin (BTC) and Ether (ETH).
4. In June 2022, the MAS launched Project Guardian, which involved the creation of a permissioned liquidity pool of tokenized bonds and deposits. On November 2nd, JPMorgan went on board Project Guardian, executing its first ever cross border DeFi transaction through Polygon and a modified version of AAVE. This transaction involved the trading of Singapore dollar and Japanese yen.
5. The Singapore government is using the Ethereum blockchain to verify government issued certificates (like vaccination certs).
6. Singapore introduced a regulatory framework for stablecoins in August 2023. Apparently, stablecoins are required to maintain a minimum base capital of 1 million SGD dollars (USD$740k) and ensure redemption within five business days upon request. Also, reserves that back stablecoins must be held in low-risk and highly-liquid assets. They must equal or exceed the value of the stablecoin in circulation at all times.
7. Zero capital gains tax in Singapore. Also, since cryptocurrencies are classified as intangible property here, you don’t have to pay Goods and Services Tax when you spend crypto on stuff.

References

https://www.cointrust.com/market-news/coinbase-and-blockchain-com-receive-approval-from-singapore-for-offering-digital-payment-services

https://cointelegraph.com/news/crypto-com-scores-approval-from-singapore-finance-regulators

https://www.bloomberg.com/news/articles/2022-09-23/singapore-s-dbs-expands-crypto-trading-for-wealthier-clients

https://chaindebrief.com/entering-the-metaverse-dbs-partners-with-the-sandbox-to-launch-dbs-betterworld/

https://forkast.news/singapore-warms-up-crypto-industry-own-terms/?utm_campaign=The+Daily+Forkast+%2341&utm_content=Singapore+warms+up+to+crypto+industry+—+on+its+own+terms&utm_medium=email&utm_source=sendx

https://cryptoslate.com/singapore-requires-banks-to-hold-125-for-every-100-bitcoin-exposure/

https://www.verify.gov.sg/

https://www.cnbc.com/amp/2023/08/15/singapore-among-worlds-first-to-agree-stablecoin-crypto-regulation.html

https://koinly.io/blog/crypto-tax-free-countries/#