Restaurants in Singapore continue to support crypto assets despite Singapore being strict in terms of Bitcoin regulations. Read this post to know more.
Singapore-based restaurants support Crypto
Crypto assets continue to get support from small businesses all across the world. A signboard at the entrance of Singapore’s restaurant and bar — Maison Ikkoku — announces that it allows payments in Bitcoin and several other cryptos. It features a lovely patio with views of the surrounding Sultan Mosque and is known for its famous modern Japanese cuisine. It is located in the historic Kampong Glam area. The restaurant menu does not list the prices in crypto owing to two reasons: one, there is a regulatory restriction in place and second, the crypto prices – conversion rates may change frequently due to to its volatility.
Ethan Leslie Leong, CEO of Maison Ikkoku, told Bloomberg that crypto assets have provided a significant boost to the business. With COVID-19 restrictions relaxed, he claims that events and gatherings have attracted personnel of centralised exchanges, individual traders, hedge fund managers among others.
According to Maison Ikkoku’s website, it conducts a range of crypto-themed events that allow guests to meet and socialise with crypto artists, developers, and so on.
Another bar called Joo Bar was one of the first Singaporean restaurants to accept crypto payments and is still supporting its crypto-enthusiastic clients. Jamie Lim, the proprietor, gives a flat 15% discount to customers who pay with BTC. Xu Pub is another Bitcoin-accepting pub. To pay using Bitcoin or crypto assets all you need to do is simply scan a QR code.
Is Singapore a haven for crypto businesses? Let’s find out
Singapore was originally home to numerous large crypto companies, but the government’s stance on crypto has recently shifted. The Monetary Authority of Singapore (MAS), the country’s central bank, is now requiring enterprises that use crypto assets to obtain strict licensing. They seek to establish a crypto asset centre with significant industrial participants who recognise the need for risk management. Only a small percentage of the more than 100 firms that applied for licences to operate and accept digital money were approved. In view of the arduous licensing process, some crypto-based companies have even decided to relocate their headquarters to places such as Bahamas and Dubai.
The new law may be a blessing in disguise: Here’s how
Numerous organisations are actively relocating their headquarters to the Middle East, due to UAE’s crypto-friendly policies. Three Arrow Capital, based in Singapore, has announced the relocation of its headquarters from Singapore to Dubai.
Read About: UAE’s Road To A Crypto Hub
The Monetary Authority of Singapore (MAS) oversees the crypto asset service providers operating in Singapore.
However, the new law empowers the regulator to examine Singapore-based service providers operating in other countries. The law also seeks to assist foreign regulatory organisations and agencies in their investigations.
The new legal and regulatory framework, according to experts, displays Singapore’s proactive openness to adapting to the crypto environment, as opposed to outright outlawing the asset class like in some countries.
Despite the government’s apparent resistance, the Singapore food industry is adopting bitcoin for transactions.
The nation is still regarded as a crypto powerhouse. In fact it has emerged as a favourite among crypto asset investors. Nonetheless, the government has prohibited Virtual Asset Service Providers (VASPs) from advertising cryptos outside of their websites.
Where do other nations stand vis-a-vis Singapore? A primer
Due to new limits on Bitcoin ATMs, Singapore has lost its top spot in the world’s top crypto country rankings. Other noteworthy developments have occurred in the three months since the last report. Hong Kong jumped from 35th to sixth place last year. This is due to an increase in crypto-based courses at prestigious universities. Furthermore, Hong Kong has a large number of Bitcoin nodes. It also features a large number of blockchain organisations.
The Netherlands, France, and Spain have all risen through the ranks. This is owing to blockchain start-ups, favourable laws, and a huge volume of crypto transactions.
There are several reasons why Germany ranked first in the latest study. Germany has the second-highest number of Bitcoin nodes, behind the United States. Germany’s crypto tax policy is progressive. This is true even when other top economies are included. Crypto is widely accepted in the country. They also made a ground-breaking move by including crypto investments in their massive domestic savings business.
Singapore was once number one in the world’s top crypto country rankings. They have now moved down to the second place. The United States is third, Australia is fourth, and Switzerland is fifth.
The new legal and regulatory framework demonstrates Singapore’s proactive willingness to adjust to the crypto environment, as opposed to outright forbidding the asset class, as some governments have done.