How to Buy Cryptocurrency in Singapore
Buying cryptocurrency in Singapore
More recently, Singapore has come to the fore as a hub for cryptocurrencies and blockchain technologies. At the same time, the Monetary Authority of Singapore (MAS), the financial regulatory body of Singapore, has been working to actively regulate Singaporeís cryptocurrency business. MAS believes in regulation of the cryptocurrency ecosystem for the purpose of monitoring crypto-activity-associated risks like terrorism financing and money laundering, but also making sure that it doesnít stand in the way of innovation. The Payment Services Act (PSA) was implemented in January 2020, and its purpose was to regulate both traditional and cryptocurrency exchanges and payments. The act also presents a framework to procure a license to run cryptocurrency business in the country and highlights money laundering compliances cryptocurrency operators must meet. In legal terms, the country offers great conditions for cryptocurrency transactions, and since cryptocurrencies are considered legal in Singapore, contracts involving said cryptocurrencies arenít deemed illegal.
As of 20/03/2021
These exchanges all accept customers from Singapore. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options