Singapore - page 42. | Bitcointalksearch.org

pitan

member

Activity: 98

Merit: 10

Quote from: derekleong75 on 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.

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

derekleong75

sr. member

Activity: 243

Merit: 250

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.

pitan

member

Activity: 98

Merit: 10

Quote from: derekleong75 on June 13, 2013, 10:24:26 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.

derekleong75

sr. member

Activity: 243

Merit: 250

I believe FYB is registered with ACRA already, is it not?

SGExodus

full member

Activity: 232

Merit: 100

Quote from: bigdude on June 13, 2013, 09:22:40 PM

Quote from: worldinacoin on 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.

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.

bigdude

hero member

Activity: 896

Merit: 500

Dolphins Finance TRUSTED FINANCE

Quote from: worldinacoin on 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.

Why would the govt get involved?

And how would you even get them involved?

worldinacoin

hero member

Activity: 756

Merit: 500

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.

pitan

member

Activity: 98

Merit: 10

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?

worldinacoin

hero member

Activity: 756

Merit: 500

Quote from: pitan on June 13, 2013, 05:19:36 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!

pitan

member

Activity: 98

Merit: 10

Ya everything... Also want to be hub for everything so why not hub for btc?

worldinacoin

hero member

Activity: 756

Merit: 500

Ahhhh, I thought really got.....Singapore love to be Number 1, so hopefully our govt will be Number 1 in this.

pitan

member

Activity: 98

Merit: 10

I meant the mint chip la not your national coin ideal

worldinacoin

hero member

Activity: 756

Merit: 500

Quote from: pitan on 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

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!

bengx

full member

Activity: 202

Merit: 100

Quote from: SGExodus on June 13, 2013, 01:59:50 AM

Quote from: bengx on June 13, 2013, 01:52:08 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

SGExodus

full member

Activity: 232

Merit: 100

Quote from: bengx on June 13, 2013, 01:52:08 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

bengx

full member

Activity: 202

Merit: 100

Read an article on TOC: Minus all your SG Coins lol.

pitan

member

Activity: 98

Merit: 10

Like that very busy leh must keep track of everything we do to get the coins... Ya only Canada is doing it now

SGExodus

full member

Activity: 232

Merit: 100

Quote from: worldinacoin on 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.....

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.

worldinacoin

hero member

Activity: 756

Merit: 500

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.....

pitan

member

Activity: 98

Merit: 10

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?

Topic: Singapore - page 42. (Read 842965 times)