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Cryptocurrency regulations in Singapore


1 Cryptocurrencies in Singapore
2 Government’S attitude towards cryptocurrency
3 Cryptocurrency growth prospect in Singapore
4 STO in Singapore
5 Details of iSTOX
6 引用文献

1 Cryptocurrencies in Singapore

Singapore has a favorable attitude towards cryptocurrency.
There are cryptocurrency ATMs in the country.
The country is young so there are few established interest groups. As such, securities companies that are typically rivals of cryptocurrency industry are also supportive.Cryptocurrency exchange and ICO are legal, but fraudulent activities and money laundering are harshly punished.

2 Government’s attitude towards cryptocurrency

・Not a legal tender
・Cryptocurrencies are not regulated and the government’s response is on individual basis.
・Government will implement regulations on money laundering and terrorism funding.
・Tax agency considers cryptocurrency as “commodity.”

3 Cryptocurrency growth prospect in Singapore

Singapore and its citizens are adaptable and their attitude is to only regulate aspects that must be regulated, and utilize the blockchain technology and other aspects.
It is difficult to find a government that is more positive to the cryptocurrency industry, and the country attracts ICO and investors. This favorable attitude might help grow the market in Singapore¥

4 STO in Singapore

STO is yet to become widespread in Singapore
A startup company called ICHX Tech is currently developing an STO platform called “iSTOX.”
ICHX Tech is getting investment from the Singapore Exchange (SGX) and government affiliated venture capitals.
iSTOX uses the smartcontract and the blockchain technology for  issuing and managing of ST, but all securities are traded by fiat money and there is a clear distinction between securities cryptocuurrency.
The country is preparing for STO and it could be widely recognized in near future.

5 Details of iSTOX

It is in the process of obtaining an official license from the Monetary Authority of Singapore
It will start its operation once they obtained the license.
Unlike cryptocurrency exchanges like Binance which allows trade between different cryptocurrencies, ICHX plans to offer a platform where investors can trade security tokens with legal tender (to ensure high transparency and short transaction time).

6 References

ICHX receives funding grom SGX
Regulations in Singapore
Singapore regulatory framewor
Sungapore embraces cryptocurrencies
ICHX press release