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Singapore to Legislate Strengthening Regulation of Bitcoin Transactions to Prevent Financing Risks

Singapore to Legislate Strengthening Regulation of Bitcoin Transactions to Prevent Financing Risks

Singapore to legislate stricter regulation of Bitcoin trading to prevent financing risks. For the best immigration information, please visit the WorldWay investment immigration official website.

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     Follow Singapore Immigration for Singapore economic news: In January of this year, the Inland Revenue Authority of Singapore stated in documents sent to the Singapore Bitcoin intermediary Coin Republic that companies engaged in buying and selling Bitcoin within Singapore will be taxed based on their sales revenue. However, if Bitcoin is treated as part of the company's investment portfolio for long-term investment, the income generated will not be subject to tax. The Inland Revenue Authority of Singapore also pointed out that if institutions or individuals directly benefit from Bitcoin transactions, they should pay Goods and Services Tax, which means that Bitcoin has been recognized by the Singapore government as a means of payment for goods or services.

 

Singapore to Legislate Strengthening Regulation of Bitcoin Transactions to Prevent Financing Risks

 

Meanwhile, Singapore has not relaxed its regulation of Bitcoin. On the 13th, the Monetary Authority of Singapore announced that it will legislate to regulate the trading of virtual currencies such as Bitcoin to prevent money laundering and terrorism financing risks in virtual currency transactions. The Monetary Authority of Singapore stated that intermediaries engaged in virtual currencies in Singapore, including Bitcoin traders and exchange operators, must verify the identity and information of customers, and report any suspicious individuals to the Commercial Affairs Department. The Monetary Authority of Singapore also pointed out that since virtual currencies are not financial products and are not legal tender, their investors do not enjoy the relevant legal protections. In this regard, some believe that the Singapore government recognizes Bitcoin trading as legal and clearly delineates and regulates Bitcoin transactions through legislation, which has a positive effect on the development of Bitcoin.

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