Getting Started with Crypto in Singapore
Singapore is an excellent choice if you are looking to get into Crypto.
We assume you already have some experience with cryptocurrency. We are not investment advisors, however, we do assist clients with opening bank accounts and crypto accounts.
The focus of this article is on opening a corporate account which can be more difficult than opening a personal account.
What is the best Crypto Exchange in Singapore if you want a corporate account?
As many parts of the world crack down on cryptocurrencies, Singapore is becoming popular for global crypto companies and investors with its friendly regulations and exemptions.
What are the best Crypto Exchanges to on-ramp in Singapore? What about fees?
Some Exchanges don’t allow Singapore dollars and some traditional banks make life very difficult for customers looking to move funds to an Exchange.
Not all Exchanges are the same.
As an example of the regulatory hurdles to navigate in these early days of crypto, in September 2021 the Monetary Authority of Singapore (MAS) warned Binance.com that it could be in breach of Singapore laws and to stop providing payment services to the Singapore residents.
Binance is huge in the global crypto space, so the impact of this decision is important. Singapore wants to be the leading Asian financial centre and Binance is looking for a home as its global HQ. Seems like a great fit on the surface. Singapore wants to maintain it’s squeaky clean reputation however Binance does carry some historical baggage which I’m sure they are now getting into order.
Things continued their downward spiral when on 13th December, 2021 Binance.sg announced to its customers the winding-down of the Singapore crypto exchange operation. All sorts of rumours began to flow on social media including speculation that Binance was frustrated with Singapore authorities with respect to progress on their license application.
Binance CEO, Changpeng Zhao ‘CZ’, has stated that Binance will continue to have a presence in Singapore.
Binance Asia Services Pte Limited announced on 8th December 2021 that it will acquire 18 per cent of Singapore licensed private securities exchange, Hg Exchange (HGX). The acquisition could be the back door for Binance’s future operations in Singapore as HGX has been granted a recognised market operator (RMO) licence from the Monetary Authority of Singapore (MAS).
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