Which platform to buy cryptocurrencies in Singapore? Is cryptocurrency legal in Singapore? Learn how to buy and sell cryptocurrency using PayNow easily.
Cryptocurrency trading regulations and legality in Singapore
Required documents before you can buy and sell cryptocurrencies
Crypto platforms where you can trade using local payment method — PayNow
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Singapore has emerged as a global hub for technological developments in the world. It has taken a friendly approach towards blockchain technology and cryptocurrency regulation.
Several crypto businesses and currencies such as Litecoin Foundation, HODLnaut, Zilliqa, and Three Arrows Capital started in Singapore. As a result of the crypto innovations in Singapore and the government’s fair approach, it has become easier to buy and sell cryptocurrencies in the country.
Singaporeans have multiple options to buy and sell digital assets from various crypto exchanges. But, is it legal to trade cryptocurrencies in Singapore? Where and how to buy cryptocurrencies through local payment methods like PayNow?
Is cryptocurrency legal in Singapore?
The government of Singapore has permitted its citizens to invest and experiment with cryptocurrencies. Even the government has experimented with blockchain technology and developed a tokenized Singaporean dollar through the ‘project Ubin’.
Crypto trading on various crypto exchanges is legal in Singapore. But, cryptocurrencies are not yet accepted as legal tender in the country. To allow users to buy and sell cryptocurrencies in Singapore, crypto exchanges need to get registered with the Monetary Authority of Singapore (MAS).
The Deputy Prime Minister of Singapore, Tharman Shanmugaratnam has stated that they will continue to experiment in the blockchain space and cryptocurrencies. He believes that the innovations could turn out to be beneficial economically and socially.
What is required from me to buy cryptocurrency in Singapore?
Buying and selling cryptocurrencies in Singapore is a straightforward process. Singaporeans can register with a brokerage, app, or crypto exchanges before buying any digital assets. The registration process and document verification will be varies for different exchanges. But the common requirements are:
Acceptable IDs like National Registration Identity Card (NRIC) or Singpass
Some platforms require an Xfers account
A secure internet connection
An electronic device like mobile phone or PC for identity verification and to enable 2-factor authentication (2FA)
An account with a brokerage or crypto exchange that operates in Singapore
A bank account to transfer fiat money to brokerages or exchanges
A secure digital wallet to store cryptocurrencies
Where can I buy cryptocurrency using PayNow?
Platforms where you can buy using PayNow in Singapore:
Type of platform
*Source of Liquidity Scores: CoinMarketCap
XanPool - Buy and sell cryptocurrencies in Singapore
XanPool platform allows Singapore citizens to buy and sell cryptocurrencies without any hustle. The registration process and identity verification is simple on the platform. One of the attractive features of XanPool is, Singaporeans can buy cryptocurrencies directly through the local payment method, PayNow, using local currency.
XanPool allows Singapore users to make payments using PayNow, which is connected to over 15 participating banks. After entering the details and proceeding, users will get the next page that has a QR code. It will automatically input the amount users need to pay and all they have to do is confirm the transaction. After completing the transaction, the selected amount of cryptocurrency will be sent to the user’s wallet within a few minutes.
To complete the process of buying cryptocurrencies successfully, users need to make the payment within 3 minutes. This helps users can lock in the rate of cryptocurrencies at the point in time. If the payment is done after 3 minutes, the exchange rate to convert fiat currency into crypto may change.
This is how Singaporeans can buy cryptocurrencies with Singapore dollars using PayNow instantly. XanPool allows users to buy cryptocurrencies at the best possible rates available in the market. It is a highly secured platform and does not take custody of user’s wallets. The platform makes the whole process seamless and quick for its users.