But the city-state's authorities have repeatedly warned that trading in digital payment tokens DPT , or cryptocurrency, is highly risky and not suitable for the general public, as they are subject to sharp speculative swings. The new guidelines clarify the expectations of MAS that companies should not engage in marketing or advertising of DPT services in public areas in Singapore or through the engagement of third parties, such as social media influencers, to promote DPT services to the general public.
They can only market or advertise on their own corporate websites, mobile applications or official social media accounts. MAS said it has received about applications for licences to provide DPT services, of which five have been awarded in-principle approvals. Sixty have withdrawn their applications and three have been rejected.
MAS did not disclose the status of the other applications. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public.
Although it has taken an even-handed approach to date, in MAS issued warnings to the public of the risks of investing in cryptocurrency products. In January , MAS issued a press release warning the public of the risks of speculating with cryptocurrency, while Deputy Prime Minister Tharman Shanmugaratnam stated that cryptocurrencies are subject to the same AML and CFT measures as traditional fiat currencies.
With the PSA having only recently taken effect, there will inevitably be an adjustment period as crypto businesses adapt to the new legislative environment. Find out how our solutions can help your business comply with AML Singapore cryptocurrency regulations. View our compliant cryptocurrency solutions. Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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This is an approximate list of actions that any company should take to prevent money laundering and terrorist financing from working with crypto assets. To work in the legal field of jurisdiction, it is necessary to create a company in Singapore. It is cheaper than, for example, registration in Switzerland, there are no stringent requirements for the authorized capital, it is enough to issue at least one share to get started.
An indispensable condition is an office in the jurisdiction and the hiring of one resident or citizen to the board of directors. The company secretary must also be local. Cryptocurrency exchange license in Singapore when operating with Central Bank tokens is issued if the exchange has proven that it:.
Cryptocurrency license for transactions not related to securities is unlikely to be radically different according to the requirements. Therefore, in order to develop a legal and successful business, it is necessary to take care of organizational, technical and legal support. The lawyers will create an individual strategy for obtaining a cryptocurrency exchange license in Singapore by assuming the collection of necessary information, preparation of documents, opening a local company and bank account, as well as direct communication with local partners and regulators.
Experts will advise on all the nuances of doing business in this jurisdiction abroad. Send an application. Cryptocurrency regulation in Singapore The peculiarity of the country's legislation is that permits are issued only to exchanges that list on the platform tokens equated to securities. Compliance basics Cryptocurrency exchange license in Singapore, as well as its further use, obliges the cryptocompany to follow several mandatory requirements of legislation in the field of compliance, inter alia: develop internal policies for working with crypto assets; assess the risks that are associated with the operations under consideration, as well as develop measures to reduce such risks; appoint persons authorized to comply with the norms of the relevant legislation; constantly monitor operations with crypto assets; keep a detailed record of all transactions; request and store data about customers of the cryptocompany; report on your activities regularly; identify suspicious transactions and conduct thorough inspections regarding them; inform the regulatory authorities about cases of transactions that demonstrate a reasonable risk of illegal laundering money and financing of terrorism; educate employees who work with crypto assets.
Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? Also check whether there are any restrictions on how much you can withdraw from your account. Remember, minimum and maximum limits may apply, so check the fine print to be sure the platform is a good fit for the size of trades you want to place. How can you access your trading account? Many platforms offer web browser trading only, but some also offer mobile and even desktop trading apps.
Is there any way you can access reduced trading fees? Is there a tiered fee structure that rewards high-volume traders with reduced fees? Compare exchange rates across a handful of different crypto exchanges and you might be surprised to find just how much they can differ from one platform to the next.
The level of liquidity on an exchange affects the ease and speed with which you can complete trades. One of the biggest benefits of trading on larger crypto exchanges is that they get enough orders to be able to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.
If privacy is important to you when trading cryptocurrency, there are some platforms that allow you to transact anonymously. Many other platforms will require you to verify your account before allowing you to trade. Verification requirements vary between exchanges, but you may need to provide some or all of the following:. Finally, be aware that some exchanges will require you to complete additional verification tasks in order to unlock full account features and higher transaction limits.
How long will it take for your transaction to be completed? How soon are account withdrawals processed? Being forced to miss out on a trading opportunity because your trading funds took too long to arrive into your exchange account can be a frustrating experience. Spending day after day waiting for a withdrawal to arrive in your bank account or crypto wallet can also be extremely stressful, so check average processing times before you register.
Security is a crucial factor to consider when choosing a crypto exchange. History is littered with many famous examples of exchanges being hacked and unsuspecting users falling victim to theft and fraud, so make sure you do your research into what security measures are in place to protect your funds. Questions you should ask include the following:. Though authorities around the world are starting to catch up to the rapid growth of crypto exchanges, the industry as a whole is still lightly regulated.
How an exchange is regulated depends on where it is based, so do your research to find out whatever information you can about the platform operators. As always, check the fine print to find out whether any of these geographical restrictions apply to you. This is a crucial but often overlooked factor when comparing crypto exchanges. How to buy Bitcoins in Singapore.
Bitcoin exchanges accept all sorts of deposit methods, including the following:. Different types of exchange are often more geared towards beginners or experienced users. Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet, which lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired, while others will require you to have your own wallet at the time of purchase. However, using an exchange for long-term storage is not recommended.
And with exchanges regularly and sometimes successfully targeted by hackers, storing crypto on an exchange long-term is very risky. Learn more about cryptocurrency wallets. Not all crypto exchanges are created equal, and not all crypto buyers and sellers have the same trading needs.
Check out our reviews on a range of leading cryptocurrency exchanges in Singapore and around the world. Compare the features, fees and pros and cons of each Bitcoin exchange and consider how they align with your trading requirements. Compare cryptocurrency exchanges. The best Bitcoin exchanges. The best altcoin exchanges. The cheapest crypto exchanges. The largest crypto exchanges.
The most popular crypto exchanges. The best crypto trading platforms. The safest crypto exchanges. Cryptocurrency exchanges that let you pay with cash. The best Bitcoin exchange is cheap, easy and fast, with a wide range of payment options. By this measure, the best Bitcoin exchanges in Singapore might be Coinhako. The exchange offer simple brokerage service, competitive rates and fees, as well a wide selection of cryptocurrencies.
Its flexibility and Bitcoin-related features also go above and beyond, setting them apart from other Bitcoin exchanges. The best altcoin exchange has a wide selection first and foremost, ideally with good liquidity across all pairs. Low fees, extra features, fiat payment options and other extras are nice, but sheer selection is more important. KuCoin is one of the clear leaders here.
It offers several hundred cryptocurrencies by itself, and has a range of advanced features if you want to take your portfolio beyond just buying and selling. More volume is good because it can indicate more popular, responsive and liquid exchanges. Fake volume and wash trading are common in cryptocurrency. There are some exchanges which, after heavy scrutiny, are believed to show entirely genuine volume though.
If someone wants to find a reliable and all-around good cryptocurrency exchange without spending too much time sifting through the options, it can be helpful to beeline right for the most popular. However, according to Similarweb, the most-visited cryptocurrency exchange website in the world between November and January was Coinbase, with over 57 million website visits worldwide.
The best cryptocurrency trading platforms are very liquid, very fast and offer a full range of features such as margin trading with up to x leverage, cryptocurrency derivatives such as futures and options, and good integration with third-party trading tools such as cryptocurrency trading bots.
Ideally, they will also be well-regulated, popular and have a good reputation. There are no exchanges which fit all of the above criteria, so the best cryptocurrency trading platform for you may depend on which of these criteria is most important to you. There are a number of options to consider. Exchanging fiat currency for cryptocurrency typically does require ID.
Alternatively, peer-to-peer cryptocurrency exchanges such as Paxful connects traders with sellers who are willing to accept cash. Instead, you can find the safest exchanges by looking at their security history, their security policies and any additional measures they take to protect their exchanges. Internationally, the safest cryptocurrency exchange might be Gemini.
As safe as Gemini is, non-custodial or decentralised cryptocurrency exchanges are arguably even safer. Non-custodial exchanges send funds directly to your personal wallet when you make a purchase, while decentralised exchanges allow direct peer-to-peer cryptocurrency swaps. These exchanges put you in personal control of your security. If you have a secure hardware wallet and know how to use it , non-custodial exchanges are arguably as safe as cryptocurrency exchanges can ever get. Non-custodial cryptocurrency exchanges send your cryptocurrency directly to your personal wallet after you make a purchase.
The best non-custodial exchanges are characterised by variety, a wide range of payment options and fast delivery. Coinmama is a well-known non-custodial exchange. Instead, it simply takes payment and then sends cryptocurrency directly to your wallet address as soon as payment is received and your wallet address is confirmed.
All decentralised exchanges DEXs struggle to a certain extent with liquidity problems, complex user interfaces and slow trading, and you can expect to find combinations of these issues on any DEX. Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain.
Learn about the cryptocurrencies WazirX offers as well as its fees and incentives. A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you? Read the Zipmex review to see what this exchange has to offer new and experienced cryptocurrency traders alike. Learn more about Binance Singapore, how it works and what you need to get started with this cryptocurrency exchange.
If you want to buy or sell digital currencies on the Liquid crypto exchange, check out our review of its fees, features and payment methods as well as its pros and cons. A comprehensive review of Uphold, the cloud-based financial services platform where you can hold, move, convert and transact in fiat currency, cryptocurrency and even commodities.
Check out this comprehensive guide to the deposit, withdrawal and trading fees charged by crypto exchanges. Click here to cancel reply. Optional, only if you want us to follow up with you. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
While we are independent, the offers that appear on this site are from companies from which finder. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products.
Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Andrew Munro. Updated Dec 13, What changed? Learn more about how we fact check. Navigate Cryptocurrency In this guide.
Compare crypto exchanges in Singapore How to choose a crypto exchange in Singapore How to use a cryptocurrency exchange How to pay for your cryptocurrency The different types of cryptocurrency exchanges Next steps: How to get started Best cryptocurrency exchanges list FAQs A-Z of cryptocurrency exchanges Start comparing. What is cryptocurrency? Compare cryptocurrency wallets. Top bitcoin alternatives. How To Buy.
A-Z list of exchanges. Cryptocurrency trading. How to do technical analysis. Cryptocurrency CFDs. Top Coins Explained. A-Z list of coin guides. A-Z list of wallets. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Go to site View details. Tokenize Xchange. Bank transfer, Xfers. OKX Cryptocurrency Exchange. Listing over cryptocurrencies, OKX offers its users a variety of payment methods and coins to choose from.
Okcoin Cryptocurrency Exchange. Changelly Crypto-to-Crypto Exchange. Credit card, Cryptocurrency. FTX Cryptocurrency Exchange.
The Monetary Authority of Singapore (MAS) today issued guidelines giving effect to MAS' expectations that Digital Payment Token (DPT or more. Although Singapore cryptocurrency rules mean that it is not yet considered legal tender, Singapore's tax authority treats Bitcoins as “goods” and so applies. The Monetary Authority of Singapore (MAS) on Monday issued guidelines that limit cryptocurrency trading service providers from promoting.