Singapore to unveil plans to becoming a Bitcoin hub

sovie

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Quote from: adzino on August 10, 2022, 10:35:59 PM

What did they mean by "without being scared of losing their coins?". Did they mean that without being scared that their coins will be confiscated or without being scared of literally losing their coins? Either way, both could have been avoided without the government intervening. They are just using this "bitcoin hub" excuse to make cryptocurrencies more centralized in their country. Their "stricter regulations" will only make things more worse for all crypto users.

I think having proper rule will make things easier for the crypto user and the trend setter as well.
If Singapore starts working on Bitcoin - I am sure they will be able to do wonders. Singapore is the country with great and healthy minded people and they will not disappoint the world. For sure

mm2543363580

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Quote from: adzino on August 10, 2022, 10:35:59 PM

What did they mean by "without being scared of losing their coins?". Did they mean that without being scared that their coins will be confiscated or without being scared of literally losing their coins? Either way, both could have been avoided without the government intervening. They are just using this "bitcoin hub" excuse to make cryptocurrencies more centralized in their country. Their "stricter regulations" will only make things more worse for all crypto users.

I am sure - Singapore will come up with some exclusive ideas.
And people will trust what they will. I have been to a few expos in Singapore. They are professional people. And they do very well in whatever field they work.

adzino

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Quote from: Majestic-milf on July 20, 2022, 03:31:27 PM

Singapore will not want to be left behind in the bid to becoming a world class Bitcoin hub and I feel it would be a bit difficult because although they are a Bitcoin friendly country, they have been ravaged by the deadly coronavirus and has affected the growth of their economy.

The country has been like an umbrella to companies who have been hiding under regulatory barriers in their state.
The Monetary Authority of Singapore have stated their intentions of making the State worthy of being called a hub for crypto investors and make it safe for trader to function without them being scared of losing their coins.

A move to releasing a new regulatory plan by MAS against crypto firms are set to begin next month and although there have been stricter regulations prior, the country seemed to have recorded a massive 82 deals with a combined worth at $1.48 billion dollars in 2021.

According to TripleA, 82% of the country's 5,230,000 that own BTC hold it, while 39% see it as an investment assets, 25% see it as a store of value and a small 12% see it as money. triple a link

With a highly developed economy, ranked as the most open in the world and amongst the least corrupt. With all this positives going for them, can they attain the status of being a BTC hub and even becoming a BTC like El Salvador? https://bitcoinmagazine.com/markets/singapores-central-bank-to-release-bitcoin-crypto-regulation

What did they mean by "without being scared of losing their coins?". Did they mean that without being scared that their coins will be confiscated or without being scared of literally losing their coins? Either way, both could have been avoided without the government intervening. They are just using this "bitcoin hub" excuse to make cryptocurrencies more centralized in their country. Their "stricter regulations" will only make things more worse for all crypto users.

lixer

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Quote from: The Sceptical Chymist on August 09, 2022, 12:05:19 AM

I'm skeptical about these claims of countries becoming "bitcoin hubs" (whatever that really means), because it seems like I've heard this story before and it just sounds to me like they're trying to ride the wave of something very popular but without doing anything lasting or even meaningful.

It's kind of like how every business and a lot of altcoins are jumping on the NFT bandwagon to attract newcomers, which I think is complete garbage--because IMO NFTs are complete garbage. We'll see where Singapore stands with bitcoin in five years, because that'll show whether they meant what they said, and only time is going to determine that. Right now it's just a lot of words.

The main reason for that is the fact that we have seen a lot of them claim something like this before and fail, and since we saw them fail before, that ends up causing us to not believe that they would do it now. I do agree that it is not going to be easy, but it could be done. I mean maybe it hasn't been done before, but if you do legal leeway, like not force them too much and very low taxes, or even no taxes at all then it could work.

But, you also need to make sure that you help them out. I do not know how, but convincing them to change the nation they are in and go to Singapore is a very hard ask, so they need to give some incentives as well to make that work as well.

Anonylz

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Quote from: livingfree on July 20, 2022, 04:44:47 PM

They should be soft on their regulations since there have been crypto companies that were operating on their country but IIRC, already left because of it.

One bitcoin hub that hasn't fully adopted bitcoin as legal tender and showing its potential right now and being liked by these companies is Dubai. Well, I'm sure Singapore is a go-to country for most companies but they have to adopt as well and change some ruling for them to be friendly to these companies.

I thought the regulations already soft enough that's why most crypto companies find solace in the country otherwise it won't be all rosey for those companies to setup their.
They have already unveiled their plans to transform Singapore to a bitcoin hub country which I believe if executed properly will yield the desired result. It is going to be a work in progress, not something that is expected to take effect overnight. Infact, I believe it will be a lot easier on them than those countries with strict regulations on crypto.

WeedGoW

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Quote from: The Sceptical Chymist on August 09, 2022, 12:05:19 AM

I'm skeptical about these claims of countries becoming "bitcoin hubs" (whatever that really means), because it seems like I've heard this story before and it just sounds to me like they're trying to ride the wave of something very popular but without doing anything lasting or even meaningful.

It's kind of like how every business and a lot of altcoins are jumping on the NFT bandwagon to attract newcomers, which I think is complete garbage--because IMO NFTs are complete garbage. We'll see where Singapore stands with bitcoin in five years, because that'll show whether they meant what they said, and only time is going to determine that. Right now it's just a lot of words.

Your skepticism is right for the 3rd... ahem disorganize countries in a certain continent. But this is Singapore we're talking about. They're already the HQ hub for FDI investment flow into other countries in the SEA region and a trade hub, a port service for ships passing by Malacca Strait as well. Their credibility is high. If they truly want to hop on the crypto bandwagon of 'bitcoin hub' like you said, I think they would do it seriously.

aysg76

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Quote from: The Sceptical Chymist on August 09, 2022, 12:05:19 AM

I'm skeptical about these claims of countries becoming "bitcoin hubs" (whatever that really means), because it seems like I've heard this story before and it just sounds to me like they're trying to ride the wave of something very popular but without doing anything lasting or even meaningful.

It's kind of like how every business and a lot of altcoins are jumping on the NFT bandwagon to attract newcomers, which I think is complete garbage--because IMO NFTs are complete garbage. We'll see where Singapore stands with bitcoin in five years, because that'll show whether they meant what they said, and only time is going to determine that. Right now it's just a lot of words.

The problem is if any of the government representatives talk about some future plans about crypto the blog and articles start to interlink them and publish the articles that this country has big plans for the bitcoin future although they don't have anything in mind.We have seen so many articles claiming these big things and now only want to test the reality.The Singapore government has said they are developing some strategies for regulations but have not invited big bitcoin exchange or something like that make it hub so these articles are now more of rumours only.

aylabadia05

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Of the 10 most crypto-friendly countries, Singapore is ranked second after Germany as released by Coincub. But there has been recent news that Hodlnaut, a Singapore-based lending company, has suspended withdrawals, deposits and exchanges. This indicates that something is going on in the crypto world in Singapore.

Even Hodlnaut will withdraw application licenses from the Monetary Authority of Singapore such as the one I got from Reuters.com which may see that there are difficulties in connection with the current global economy.

Source: https://www.reuters.com/technology/singapore-based-crypto-lender-hodlnaut-suspends-withdrawals-2022-08-08/

Davian144

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Singapore is a very active country in Cryptocurrencies, many cryptocurrencies projects based in Singapore, of course, it is natural that the Cryptocurrencies community makes Singapore Plans to Becoming a Bitcoin Hub, because of government support and better infrastructure than other countries.

And bloomberg.com said Singapore would also expand cryptocurrency regulations to cover more activities, and wanted to join the world's push to reduce risk after a series of business failures rocked the industry. The Monetary Authority of Singapore plans to consult on the proposed measures in September or October.

I think it is very good for Singapore and also some other countries who want to cooperate with Singapore in terms of building a wider cryptocurrency because it will also build the economy of a country from various useful directions.

Mario Yamasaki

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With the increasing community, it makes any country want to be the center of Bitcoin, high economic value and the opportunity to get a large income is certainly considered a Singapore government as a good thing, moreover the cryptoucrrencies industry is an easy thing to provide high speed internet facilities.

Ahli38

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if this is true i.e. Singapore is planning to become a bitcoin hub then that would be big news. because as we know that this country has a high level of economic value, which is worth US $ 340 billion and is also very open in the business aspect, making it easier for anyone to do business there.

But somehow I don't have high hopes for Singapore. and I'm a little bored with state dramas that speak only when there is interest. I prefer countries that provide concrete evidence and concrete actions that are not just plans like el salvador which proves it with real and concrete actions.

apart from that I've also read that the Singapore central bank seen from its statements that are a little less in favor of cryptocurrencies. (see source : https://forkast.news/mas-says-cryptocurrencies-have-no-fundamental-value/ ).

The Sceptical Chymist

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I'm skeptical about these claims of countries becoming "bitcoin hubs" (whatever that really means), because it seems like I've heard this story before and it just sounds to me like they're trying to ride the wave of something very popular but without doing anything lasting or even meaningful.

It's kind of like how every business and a lot of altcoins are jumping on the NFT bandwagon to attract newcomers, which I think is complete garbage--because IMO NFTs are complete garbage. We'll see where Singapore stands with bitcoin in five years, because that'll show whether they meant what they said, and only time is going to determine that. Right now it's just a lot of words.

mm2543363580

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Quote from: Kemarit on August 07, 2022, 10:38:43 PM

As far as my experience with Singapore in early 2000's, wherein we migrated there because of a lot of work being offered specially in Information technology areas, and most of the people are young professionals, I'm not surprised that in the last 5 years, Singapore has been in the fore front of Bitcoin and now wanting to become a hub. The population are very inclined to technology as this is how the government introduced it to them. There are even crypto based projects starts up in Singapore already if I'm not mistaken. So crypto will boom in this country no doubt and yeah, could be the financial and crypto hub in the next year or so.

Singapore is a wonderful place to work and to invest...I love everything about Singapore
If they will create a bitcoin hub they will be pioneer in that market and they will lead and rule the bitcoin world - I am sure

Kemarit

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As far as my experience with Singapore in early 2000's, wherein we migrated there because of a lot of work being offered specially in Information technology areas, and most of the people are young professionals, I'm not surprised that in the last 5 years, Singapore has been in the fore front of Bitcoin and now wanting to become a hub. The population are very inclined to technology as this is how the government introduced it to them. There are even crypto based projects starts up in Singapore already if I'm not mistaken. So crypto will boom in this country no doubt and yeah, could be the financial and crypto hub in the next year or so.

mm2543363580

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Quote from: virasisog on August 03, 2022, 12:03:28 PM

Singapore is a risk-taker country and they're always open for innovations and adaption of anything that is related to the latest technology. That's the reason why most of them are experiencing financial freedom. If more countries will also be brave enough to accept change and adopt crypto, the future of the economy will never be put at risk.

I love everything about Singapore. It is wonderful country - I have been there for conferences and meeting
Whatever they do - they do it with perfection and effort. I am sure if they will be after bitcoin they will do it with great zeal and zest.

virasisog

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Quote from: mm2543363580 on August 03, 2022, 11:05:01 AM

Quote from: Silberman on August 03, 2022, 01:55:21 AM

Bitcoin is legal tender at El Salvador and yet not many people actually use it as a currency, personally I would prefer a country that even if they did not recognized bitcoin as a legal tender the reality on the ground was that you could use bitcoin to buy whatever you want, and I also believe that Singapore is a country in which something like this could be possible as long as the government is ready to try integrate bitcoin into their economy as much as they could and not only concentrate on trying to bring exchanges to their country.

If Singapore is going to legalise the bitcoin and make it a business hub. They are surly going to bring a great change to the crypto world and many members will turn to the Singapore for it.
Singapore is great country for business and for trade. They are surely going to make a difference to the bitcoin world.

Singapore is a risk-taker country and they're always open for innovations and adaption of anything that is related to the latest technology. That's the reason why most of them are experiencing financial freedom. If more countries will also be brave enough to accept change and adopt crypto, the future of the economy will never be put at risk.

mm2543363580

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Quote from: Silberman on August 03, 2022, 01:55:21 AM

Bitcoin is legal tender at El Salvador and yet not many people actually use it as a currency, personally I would prefer a country that even if they did not recognized bitcoin as a legal tender the reality on the ground was that you could use bitcoin to buy whatever you want, and I also believe that Singapore is a country in which something like this could be possible as long as the government is ready to try integrate bitcoin into their economy as much as they could and not only concentrate on trying to bring exchanges to their country.

If Singapore is going to legalise the bitcoin and make it a business hub. They are surly going to bring a great change to the crypto world and many members will turn to the Singapore for it.
Singapore is great country for business and for trade. They are surly going to make a difference to the bitcoin world.

Silberman

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Quote from: tippytoes on August 02, 2022, 05:49:32 PM

Quote from: Kakmakr on August 02, 2022, 01:58:39 PM

In my opinion .....a country cannot be labeled as a BTC hub, if they do not allow Bitcoin to be legal tender. (It must be allowed to be a currency) .... this is not currently the status in Singapore, because it is legal to invest and trade cryptocurrencies in Singapore. However, cryptocurrencies are not recognized as legal tender.

So, it will not be an ideal Bitcoin tourist attraction for people with Bitcoin to visit, because you will have to pay with Fiat currencies for goods and services in Singapore. Roll Eyes

But maybe, there will be a lot of merchants or shops that will accept bitcoin or crypto payments. I believe, they can be a bitcoin hub even if they don't make bitcoin as legal tender. As long as bitcoin payment is readily available in most of their services so tourists can actually use their satoshis anytime they want to. And with the settings in Singapore, I believe they can easily do it. But that is, if merchants are also willing to add bitcoin in their payment system.

Bitcoin is legal tender at El Salvador and yet not many people actually use it as a currency, personally I would prefer a country that even if they did not recognized bitcoin as a legal tender the reality on the ground was that you could use bitcoin to buy whatever you want, and I also believe that Singapore is a country in which something like this could be possible as long as the government is ready to try integrate bitcoin into their economy as much as they could and not only concentrate on trying to bring exchanges to their country.

btc78

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Quote from: Queentoshi on August 02, 2022, 10:58:44 AM

Quote from: inthelongrun on August 01, 2022, 08:52:29 AM

It is very possible for Singapore to become a major bitcoin hub because they are highly developed...

I have grown into believing Singapore and anything they say they would do, if you are familiar with their story and how the country was able to transform from a poor economy to one of best economy in the world right now in a short while, any plans they have for Bitcoin has been carefully analysed by their efficient and non corrupt officials.

and if they find this a advantageous for them and their people then surely they will give everything's a chance , because Singapore is for developments and what ever brings them this is what they will grab.

back in 2017-2018 there are many ICO that starts up here with office in singapore as they find the country a sanctuary for crypto people .

Darker45

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Even before Singapore unveils these latest plans to become a Bitcoin hub, I think Singapore is already an open country for Bitcoin and the wider crypto market to thrive. Singapore is already a respected financial and fintech hub in the world so it wouldn't be hard for them to further develop on that.

El Salvador must also be a great place. It also counts that the country declared Bitcoin as a legal tender. But in terms of infrastructure in general and also the socio-economic and political milieu and the overall business environment, I guess Singapore is really a conducive place.

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