Singapore is already a top-ranked Fintech hub in the world, as the country manages to attract tech start-ups and is known to be one of the top places in the world to do business. The booming global interests in cryptocurrencies has attracted blockchain enthusiasts to Singapore as the country government encourages technological innovation and reducing financial system risk within its borders. It is said that Singapore is South East Asia’s most Blockchain friendly country, with the local Government embracing blockchain technology while having the intentions of regulating Cryptocurrencies, hence why projects like TenX or DigixDao are based in of the world’s top global financial center with a tropical climate and multicultural population
Majority of South East Asia countries have increased pressure on authorities in Singapore to clarify their attitude towards Cryptocurrency regulation, as companies are seeking a region that will provide a more Blockchain-friendly regulatory environment. The Authorities such as the head of the Monetary bank of Singapore have in past said that Cryptocurrency poses no threat to existing financial markets and have since had a more pro-bitcoin stance, essentially allowing the development & testing of Blockchain Technology. The Singaporean government is currently studying blockchain developments and have no strong case to ban Crypto trading, but have announced that authorities are paying close attention to domestic cryptocurrency activities in hopes of assessing if additional regulation is required to further provide more investor protection.
The city-state’s central bank has in past warned Investors since there is no regulatory safeguard for investments in cryptocurrencies and that it does not regulate them either. However, the fact the government is keen on providing a more clear regulatory framework and Singapore has proven itself to be the ”Silicon Valley of Asia” establishing itself as a destination for start-ups by offering access to top tech talent, financial support, expert guidance and supporting infrastructure, has spurred more experimentation and collaboration in the local Fintech scene to test out Blockchain Technology.
As for now, Singapore remains one of the most permissive environments for businesses in the Cryptocurrency spheres and with the current approach of finding real uses cases through testing technology, has the world wondering what is the city-state’s next footsteps regarding Blockchain policy
List of Cryptocurrency Exchanges to buy Bitcoin in Singapore
Coinbase is the world’s most popular Crypto Exchange & a multi-billion dollar unicorn in the Cryptospace, the company has since expanded it’s Bitcoin Exchange service to Singapore, allowing local citizens to directly buy BTC & variety of Altcoin using three payment options – credit card, debit card, or bank transfer
As for now, Singapore is the only country in the Asian region whose residents are allowed to sign-up for Coinbase services meaning that the Exchange is complying with local jurisdictions in order offer its Bitcoin Brokerage platform to Singaporean citizen. Note that the Exchange is run by a US-based Company, which means that Coinbase also complies with US laws and regulations, at both a federal and state level. As a regulated Cryptocurrency Exchange, Coinbase entitles each customer up to $250,000 in FDIC assurances to protect Investors in the event of a loss
Based in San Francisco, Coinbase got established in 2012 by Brian Armstrong and Fred Ehrsam making it one of the oldest Bitcoin exchange around. Over the years, the company has acquired multiple licenses such as New York BitLicense in 2017 and 2018 obtained an e-money license from the Financial Conduct Authority (FCA, allowing the company to operate in UK & most of Europe). The company also operates Global Digital Asset Exchange (GDAX), an asset trading exchange to trade Bitcoin, Ethereum, and Litecoin
Coinbase continues to be a reputable Exchange, that provides a liquid market for Cryptocurrency trading hence why Singaporeans should definitely take advantage of being the only Asian country to buy/sell Bitcoin through its marketplace. The fact that the exchange is also backed by high profile investors like Andreessen Horowitz & Adam Draper or has received more than hundreds of Millions in early-stage venture capitalist funding, should assure investors that the Coinbase is an international powerhouse among Cryptocurrency Exchanges and should be a preferred Bitcoin brokerage services available to Singaporean residents
Go to Coinbase
Featured to be one of the region’s favorite Bitcoin exchange, Coinhako has become a popular Bitcoin Exchange in Singapore. This exchange aims to provide a user-friendly experience for those new to Cryptocurrencies, offering a simplistic service for those that want to invest in Bitcoin. The CEO, Yusho Liu has announced plans of expanding Coinhako‘s service to 5 countries throughout the region by 2018 promoting itself as ”The easiest way to buy, sell and store digital assets in Asia”
The user-interface provides for a solid look at the quality of their service, so the overall experience is to provide non-technical users with the basic functions needed for cryptocurrency trading. Coinhako’s operates as an entry-level service for users seeking BTC exchange services making it an excellent option for those new to Cryptocurrencies, in fact the platform itself has had more than S$350M in transactions processed
As one of the few only Singaporean based Cryptocurrency exchanges, Coinhako is reported to be working with the local government and have since been backed by Silicon Valley-based hatchery Boost VC, establishing itself to become an all-in-one Bitcoin Solution in this part of the World
Go to Coinhako
GDAX is an independent Exchange founded in May of 2016 & is operated by Coinbase.Inc that offers Singaporeans the opportunity to trade on the independent exchange owned by the parent company. This means that Singaporeans who are already registered on Coinbase don’t have to create an account from scratch and can simply log in with their Coinbase credentials.
The user-interface of this Exchange was designed for advanced trader who prefer more intermediate charting tools and an intuitive interface. Known as a Global Digital Asset Exchange (short: GDAX), the Exchange offers high-volume digital currency trading and wallet services that is directly integrated to one of the world’s biggest cryptocurrency network. Since GDAX is based San Francisco, California the Exchange complies with Government regulation just like Coinbase and are also FDIC insurance that entitles each Customer funds to be assured up to $250,000 in remuneration in the event of a loss
Just like Coinbase, GDAX is backed by reputable investors such as Andreessen Horowitz, the New York Stock Exchange, and many others. Overall, GDAX is a great exchange for professional traders who value a more sophisticated platform that provides the same security and back-end trading functionality as Coinbase but with a fraction of the fees.
Go to GDAX
Localbitcoins is the worlds most popular Bitcoin Peer-to-peer marketplace that provides users with an alternative way to obtain and trade digital currencies within a local country. This P2P marketplace has been around for a very long time and was originally based from Finland since 2012, the goal to connect Bitcoin buyers and sellers via an open, peer-to-peer marketplace and has since become a popular service in Singapore
A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the most popular Bitcoin P2P for Singaporean citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act’s as a third-party to ensure that trades are conducted fairly
Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries.
Owned by the Seychelles-based company Babylon Solutions Limited, Remitano has been around since 2016 connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. Unlike LocalBitcoins.com, this exchange offers alternative Markets such as Bitcoin Cash & Ethereum providing more alternatives when compared to P2P Bitcoin-only Exchange Network. Remitano, only requires you verify your email address, allowing anyone to bitcoin via a seller on the platform without requiring additional verification
By using the site users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Since Remitano is popular among Thai’s it likely to remain one of the more active decentralized marketplace for buyer/sellers of digital currencies such as Bitcoin, Ethereum & Bitcoin Cash