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Singapore, as a country, has a high adoption rate of 11.05% owing to the tech-savviness of the population there. The pro-crypto stance upheld by Singapore is supporting the growth of cryptocurrency in the region. Singapore has been one of the early adopters of cryptocurrencies, thus the environment here is crypto-friendly with basic regulations in place.
Executive Summary
Cryptocurrency is not a legal tender in Singapore, however it can be used as an alternative means of payment. This means, crypto is not officially recognized currency in Singapore. Cryptocurrency is legal in Singapore and the regulations around Bitcoin and other assets are very clear. The Anti-money laundering laws and counter-terrorism financing laws in Singapore are very strict. The Payment Services Act (PSA) was passed in 2019 with the goal of clarifying the legal stature of cryptocurrencies.
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