Why Singapore is one of the most crypto-friendly countries
In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.
At the end of 2021 — a year in which Bitcoin (BTC) and Ether (ETH) rose 100% and 300%, respectively — global crypto rating company Coincub ranked Singapore as the most crypto-friendly country in the world due to its “robust economy, positive legislative environment, and high rate of cryptocurrency adoption.”
Singapore’s regulators have done a great deal to nurture the blockchain industry. Its No. 1 ranking by Coincub was proven right by the prompt regulatory measures implemented by the Monetary Authority of Singapore (MAS), the country’s main financial regulatory body, when the cryptocurrency market began crashing during January 2022 and entered bear market territory.
During mid-January, Singapore’s MAS enacted consumer protection laws for investors exposed to constant reminders of digital assets via billboard ads or crypto ATMs, banning all cryptocurrency-related advertisements and ATMs in public spaces.
Related: Clampdown on crypto ads: A one-off or a new phase of global regulation?
In a statement, MAS said that while it “strongly encourages” blockchain technology development and innovative crypto use cases, cryptocurrency trading is “highly risky and not suitable for the general public.” As such, cryptocurrencies should not be portrayed “in a manner that trivialises the high risks of trading” them.
In January 2020, Singapore’s Payment Services Act came into effect as a response to the Financial Action Task Force’s 2018 update to its Anti-Money
Read more on cointelegraph.com
