Frequently asked questions
If you want to buy Bitcoin in Singapore, you’ll have several options. You can go to a broker, or you can trade with another person directly, or you can buy through an exchange. Of these, the exchange is by far the safest and most popular.
Open an account on your exchange of choice, submit proof of identification, deposit your Singapore dollars, and start trading.
Residents of Singapore do not need to pay capital gains tax in the same way that those living in other countries do. Historically, cryptocurrencies fell under the Goods and Services Tax (GST), but this practice was abandoned by the Inland Revenue Authority of Singapore, which now classifies cryptocurrency as Digital Payment Tokens. Since capital gains are tax exempt, residents of Singapore do not need to pay taxes on profits. Meanwhile businesses that buy and sell Bitcoin will be taxed on their profits,.
Bitcoin is the first decentralized digital currency and the leading cryptocurrency worldwide. Bitcoin serves as a store of value and is therefore often referred to as digital gold. Read our guide on Bitcoin to learn more about this cryptocurrency.
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