Singapore to unveil plans to becoming a Bitcoin hub - page 2.

tippytoes

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Quote from: Kakmakr on August 02, 2022, 02:58:39 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.

Kakmakr

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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

doomloop

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Quote from: el kaka22 on August 02, 2022, 04:29:58 AM

Every nation in the world wants to be the hub of bitcoin. Even El Salvador which is a lot smaller than Singapore, knows what they can't do something right now about this, but they are on their way to build a "bitcoin city" which would basically host all the big crypto nations in the world.

If you offer them zero taxes, and you give them all the crypto availability you can, then there is no reason why they shouldn't have an office there at least. Would be like wall street but only for crypto instead of stocks. This means that every nation will go after that title, it means more business for them and their people and they will do their best, but not everyone can win.

Hub of btc, but is it different from making btc a legal tender? El salvador already did that and they already have their very own bitcoin city. Now if every other nation wants the same thing then why won't they do it now? Maybe they are waiting for a perfect timing but for now, they are already contented on making btc legal mainly as an asset and not as a currency.

It came to your mouth that El Salvador is only a small country, that is why I am not sure if they can be able to act as a host for other big nations which also wants to get know more about crypto. I only don't understand why you are saying that not all can win? I think this isn't about competition after all.

Queentoshi

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Quote from: inthelongrun on August 01, 2022, 09:52:29 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.

X-ray

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Quote from: Johnyz on July 20, 2022, 05:24:26 PM

Singapore will surely have a strict regulations with regards to this, though its good since they are open for foreign investors and maybe, they finally become a safe haven for cryptocurrency. Some crypto companies are already based in Singapore, they are open to this as long as they follow the rules. If Singapore will consider Bitcoin as a legal tender, then that could change everything.

It doesn't true at all. The current regulations are more than enough to singapore to become a bitcoin hub. As far as i know there are plenty of altcoin projects who have been choosing singapore as their headquarters caused by the regulation was not so strict like another country.
This country is very friendly as long as you can comply with its regulation. That's why singapore has become one of favourite place for the new startup to build their office. I will support this as singapore was the best country for crypto.

aysg76

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Quote from: hugeblack on August 01, 2022, 03:15:00 PM

All of these will remain speculation unless followed by a change in regulations, regulatory legislation, ease of registering a company, and taxes.
If all these factors are present with the attractive environment, then many platforms will welcome the establishment of a headquarters there. Otherwise, we will only hear news reports that are supported only by rumours that are difficult to verify.

The actual news will be when they will be revealing the regulations concerning cryptocurrencies in the country and then only the picture will be clear.At this time they have said about focusing on crypto regulations and protecting the interest of people which means they will be governing these companies directly under their control.

In the press release also MAS has focused on growing inflation upto 7.5% which is high in 25 years so they are encouraging crypto boom but the situation will be cleared when they came up with regulatory framework for the same and how they actually want to implement it like taking a step forward for the crypto hub or not.

Wind_FURY

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I started a topic about Bitcoin and Singapore last year, https://bitcointalksearch.org/topic/singapore-the-banking-industry-and-bitcoin-5349202

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Quote from: dbc23 on July 20, 2022, 05:40:45 PM

Before a country attain the status quo of a Bitcoin city like El Salvador it means the have not just legalized bitcoin but also made it a legal tender and in the case of Singapore regulations will be their biggest limitations. Going by the statistics of Triple A only 12% sees Bitcoin as a monetary tool meaning the Hub Singapore intends to build will only favor investors and traders

I believe Singapore will definitely be a better "business hub" for Bitcoin than El Salvador. Singapore has a banking industry comparable to Switzerland, its government has almost zero corruption, and it would probably give tax cuts to encourage start-ups from the cryptocurrency industry.

Plus Bitcoin doesn't need to be legal tender for a country to have the whole industry enter their region.

kotajikikox

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While Singapore will surely make it way to the Hub being for bitcoin or cryptocurrencies m yet we knew how strict this country is so we may expect something different from other country as well.
but of course with this in the line then singapore may help us all to gain and increase the popularity of crypto worldwide.

el kaka22

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Every nation in the world wants to be the hub of bitcoin. Even El Salvador which is a lot smaller than Singapore, knows what they can't do something right now about this, but they are on their way to build a "bitcoin city" which would basically host all the big crypto nations in the world.

If you offer them zero taxes, and you give them all the crypto availability you can, then there is no reason why they shouldn't have an office there at least. Would be like wall street but only for crypto instead of stocks. This means that every nation will go after that title, it means more business for them and their people and they will do their best, but not everyone can win.

Zlantann

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Singapore has much to gain by attracting Bitcoin investment to its economy. We have to wait to the regulatory document or law so as to ascertain the level of Bitcoin acceptance. They must match their words with actions. Although Singapore is a friendly Bitcoin nation but there are reports of clamping down on crypto companies by the government of Singapore. There are also indications that the government is mulling strict regulatory demands that might force companies in the crypto space to lose their privacy and decentralization.

dansus021

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Quote from: Johnyz on July 20, 2022, 05:24:26 PM

Singapore will surely have a strict regulations with regards to this, though its good since they are open for foreign investors and maybe, they finally become a safe haven for cryptocurrency. Some crypto companies are already based in Singapore, they are open to this as long as they follow the rules. If Singapore will consider Bitcoin as a legal tender, then that could change everything.

yep I saw that binance already moved out from Singapore so Binance Sg is no longer exist. but singapore still be choice when come to hub and economical thing we can see the datacenter or logistic that always come to Singapore as choiche

EdenHazard

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Quote from: Johnyz on July 20, 2022, 05:24:26 PM

Singapore will surely have a strict regulations with regards to this, though its good since they are open for foreign investors and maybe, they finally become a safe haven for cryptocurrency. Some crypto companies are already based in Singapore, they are open to this as long as they follow the rules. If Singapore will consider Bitcoin as a legal tender, then that could change everything.

There are a lot of crypto platform headquartered in singapore even the fake one lol , i have often visited a lot of startup and crypto platform there and yeah it's a safe haven for such company due its easy to follow regulation and less tax they deducted at your very early stage of the business.

You just see singapore as a perfect place to build a proper ecosystem for crypto , just add some more human resources there and we might living the crypto dream very soon.

RILWAN

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There are several countries that I can not take likely if some comments originate from there, Singapore is one of such countries and this is because of their anti-crypto policies and regulations, so this makes me believe that it will be hard for Bitcoin to be adopted by Singapore.

hugeblack

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All of these will remain speculation unless followed by a change in regulations, regulatory legislation, ease of registering a company, and taxes.
If all these factors are present with the attractive environment, then many platforms will welcome the establishment of a headquarters there. Otherwise, we will only hear news reports that are supported only by rumours that are difficult to verify.

I remember that Binance is facing some organizational problems in that country, so nothing has changed so far.

dothebeats

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I have high hopes for Singapore accomplishing this. They already have the infrastructure and all the necessary ingredients to push through with what they're planning. All that's left to be done is to make things a reality and a few touches to their regulation and they're golden. Singapore, being the advanced country they are, can easily achieve this especially if their citizens are also in the said plan. I just hope that they do not go down a path wherein they would want total control over cryptocurrencies within their borders, much like what China is doing right now.

Hydrogen

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It is interesting how many nations are rapidly embracing crypto regulation. While the claim to fame for nation's like china is a deregulated economic environment.

Singapore has a better and more developed tech sector, in contrast to el salvador. They could do a better job with crypto mass adoption and bitcoin incentives if the state were inclined to take that path. I would be interested to see what happens if a country like singapore forked dash or another token and adopted it as their CBDC under centralized control. In a way that implemented significant technical obstacles to prevent their CBDC crypto token from being devalued or hyperinflated. That type of arrangement could engender trust and widespread adoption. As it would combine the best elements of fiat with the best elements of crypto. Hybridization.

mm2543363580

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Quote from: inthelongrun on August 01, 2022, 09:52:29 AM

It is very possible for Singapore to become a major bitcoin hub because they are highly developed and they seem to have everything in places like a huge airport that connects to nearly every place around the world, fast internet, and it's also one of the top financial hubs in the world.

There's still a huge difference between El Salvador and Singapore. El Salvador though not economically rich, it officially recognized bitcoin as a legal tender making it a very healthy nation for bitcoin investors and believers.

Singapore is a great county and if they have decided to do so . . they will rock the. market.
Thank you for sharing the news and I will do my research over and and find ways to benefit myself.

inthelongrun

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It is very possible for Singapore to become a major bitcoin hub because they are highly developed and they seem to have everything in places like a huge airport that connects to nearly every place around the world, fast internet, and it's also one of the top financial hubs in the world.

There's still a huge difference between El Salvador and Singapore. El Salvador though not economically rich, it officially recognized bitcoin as a legal tender making it a very healthy nation for bitcoin investors and believers.

Z-tight

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Quote from: Majestic-milf on July 20, 2022, 04:31:27 PM

https://bitcoinmagazine.com/markets/singapores-central-bank-to-release-bitcoin-crypto-regulation

After reading the news i don't feel Singapore has any plans of becoming a 'bitcoin hub', the snippets of the news you extracted, and even the text itself presents some contradiction, what singapore is set to do is release new regulations for cryptocurrency, not that they want to create a 'bitcoin hub'. What they plan to do next month is:

Quote

“We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenization, smart contracts, digital assets, etc. – their risks and opportunities; shortcomings and potential,” Menon continued. “We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub.”

We would have to wait for Singapore to explain what their position is on all that, the news says the regulations will make Singapore a 'digital asset hub', we can't believe that when we haven't seen the regulations; and even when they are out one thing that is constant is that regulations might be good and work for centralized cryptocurrencies and services, but not for bitcoin that is decentralized, and i do not know how it will make them a 'bitcoin hub'.

crzy

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Legalizing Bitcoin may take time in Singapore because of their strict policy though this kind of progress is good since the government is showing interest with this and many companies are already operating in Singapore even before. A country with a great economy can be a big factor in cryptomarket, if they are considering this to accept and make legal, probably many will adopt.

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