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Topic: Singapore - page 42. (Read 859692 times)

member
Activity: 98
Merit: 10
June 14, 2013, 12:02:18 AM
Well, so far as you can see from the FYB site, all accounts > SGD$1000 need to have account verification.  It wasn't there 2 weeks ago.
So it looks like MAS wants to know who the $ belongs to.  Probably to stamp out money laundering.  

But there are so many exchanges worldwide, if one really wanted to launder, they wouldn't be so stupid as to offload everything on FYB.  Probably spread out across multiple exchanges and wire the money everywhere where it won't be so easily traced.

In any case, I am happy to have a local exchange where I can buy/sell in SGD with direct output to POSB.
Just want more people/businesses to use BTC locally then happy liao.


Ya, I noted the verification but I still wonder about tax issues... Ya imagine using btc to buy movie tickets or mcd Lol... Now unbalance input and no place to output
sr. member
Activity: 243
Merit: 250
June 13, 2013, 11:29:12 PM
Well, so far as you can see from the FYB site, all accounts > SGD$1000 need to have account verification.  It wasn't there 2 weeks ago.
So it looks like MAS wants to know who the $ belongs to.  Probably to stamp out money laundering. 

But there are so many exchanges worldwide, if one really wanted to launder, they wouldn't be so stupid as to offload everything on FYB.  Probably spread out across multiple exchanges and wire the money everywhere where it won't be so easily traced.

In any case, I am happy to have a local exchange where I can buy/sell in SGD with direct output to POSB.
Just want more people/businesses to use BTC locally then happy liao.
member
Activity: 98
Merit: 10
June 13, 2013, 11:20:28 PM
I believe FYB is registered with ACRA already, is it not?


More importantly is what will MAS do if let say FYB grows in volume. That will be interesting will have to ask the operator.
sr. member
Activity: 243
Merit: 250
June 13, 2013, 10:24:26 PM
I believe FYB is registered with ACRA already, is it not?
full member
Activity: 232
Merit: 100
June 13, 2013, 09:49:43 PM
In Singapore, I feel that we are quite passive.  Hard to get anything off the ground without the explicit approval of the govt.  Also with the involvement of the govt, the Coin can gain trust right from the beginning, we just need to help propagate the usage of the coins.  The approval of the govt can leapfrog the SG Coin process.

Why would the govt get involved?

And how would you even get them involved?

Govt should get involved in regulating the local exchanges.   Make sure they have the necessary business licenses and proper process to handle all the money/bitcoins on the exchange.   Don't let the Bitcoinica incident happen again because a kid outsource the code to another script kiddies over QQ.
hero member
Activity: 896
Merit: 500
Dolphins Finance TRUSTED FINANCE
June 13, 2013, 09:22:40 PM
In Singapore, I feel that we are quite passive.  Hard to get anything off the ground without the explicit approval of the govt.  Also with the involvement of the govt, the Coin can gain trust right from the beginning, we just need to help propagate the usage of the coins.  The approval of the govt can leapfrog the SG Coin process.

Why would the govt get involved?

And how would you even get them involved?
hero member
Activity: 756
Merit: 500
June 13, 2013, 06:29:06 AM
In Singapore, I feel that we are quite passive.  Hard to get anything off the ground without the explicit approval of the govt.  Also with the involvement of the govt, the Coin can gain trust right from the beginning, we just need to help propagate the usage of the coins.  The approval of the govt can leapfrog the SG Coin process.
member
Activity: 98
Merit: 10
June 13, 2013, 05:40:13 AM
Wahhhh don't like that la, nominate me shy la...
Lol... seriously do you all really want the SG government to get involved with btc?
For me I rather they close one eye than be fully involved.
What are your thoughts?
hero member
Activity: 756
Merit: 500
June 13, 2013, 05:21:27 AM
Ya everything... Also want to be hub for everything so why not hub for btc?

I nominate you to talk to our DPM cum Finance Minister Mr Tharman SHANMUGARATNAM! Smiley
member
Activity: 98
Merit: 10
June 13, 2013, 05:19:36 AM
Ya everything... Also want to be hub for everything so why not hub for btc?
hero member
Activity: 756
Merit: 500
June 13, 2013, 04:11:51 AM
Ahhhh, I thought really got.....Singapore love to be Number 1, so hopefully our govt will be Number 1 in this.
member
Activity: 98
Merit: 10
June 13, 2013, 04:08:22 AM
I meant the mint chip la not your national coin ideal
hero member
Activity: 756
Merit: 500
June 13, 2013, 03:31:17 AM
Like that very busy leh must keep track of everything we do to get the coins... Ya only Canada is doing it now

Izzit?  Actually it is fun, micropayments to reward acts of kindness, you got any links for me to read further on this?  Thanks a bunch!
full member
Activity: 202
Merit: 100
June 13, 2013, 02:01:32 AM
Read an article on TOC: Minus all your SG Coins lol.

If good article get tips, then more people will write good articles mah...

That's why Reddit Gone Wild sub section more and more interesting these days Tongue

Haha my point was that the gahmen doesn't want you to read TOC. Read ST, however, would get you SG coins Tongue
full member
Activity: 232
Merit: 100
June 13, 2013, 01:59:50 AM
Read an article on TOC: Minus all your SG Coins lol.

If good article get tips, then more people will write good articles mah...

That's why Reddit Gone Wild sub section more and more interesting these days Tongue
full member
Activity: 202
Merit: 100
June 13, 2013, 01:52:08 AM
Read an article on TOC: Minus all your SG Coins lol.
member
Activity: 98
Merit: 10
June 13, 2013, 01:45:58 AM
Like that very busy leh must keep track of everything we do to get the coins... Ya only Canada is doing it now
full member
Activity: 232
Merit: 100
June 13, 2013, 01:37:52 AM
Maybe the govt will initiate a National Coin?  The SG Coin.  You pick up a piece of litter on the street - One Coin, save a cat on top of a tree - Two Coins and so on, do not need to mine but instead do something, smile at the bus driver 0.1 Coin.....

For national e-currency, the closest case will be the recent effort by the Canada Royal Mint, what they known as Mintchip.


It is closer to a pre-paid cash card type of system, but unlike our current cash card, it allows for direct P2P payment without needing further authentication via central operator.
hero member
Activity: 756
Merit: 500
June 13, 2013, 01:21:28 AM
Maybe the govt will initiate a National Coin?  The SG Coin.  You pick up a piece of litter on the street - One Coin, save a cat on top of a tree - Two Coins and so on, do not need to mine but instead do something, smile at the bus driver 0.1 Coin.....
member
Activity: 98
Merit: 10
June 13, 2013, 01:16:17 AM
Lol... HWZ have you see some of the bitcoin posts... How to configure macbook air to mine bitcoin! Face palm!
Ya the tipping thing might work but then again how will they get the btc? HWZ start selling them? Which is owned by SPH, doubt so. The main thing is to be able to acquired btc easily like bitinstant where you can go to 7-11 and buy some... So anyone wanna try and do that?
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