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Tempted By Bitcoin? It's Caveat Emptor

Tempted By Bitcoin? It's Caveat Emptor

You may buy, sell or transfer virtual currencies through an online platform or through dedicated self-service kiosks. There are also apps that let you store your virtual currencies in a digital "wallet", and you may spend your virtual currencies at physical shops where they are accepted.ST PHOTO: DESMOND FOO The mania for bitcoin and other cryptocurrencies is generating no end of turmoil in financial markets and possibly setting up gullible investors for an almighty fall. The Monetary Authority of Singapore (MAS) has issued two warnings about investing in these currencies in the past five months. It is also concerned about what are known as initial coin offerings, when digital tokens are offered to investors in much the same way that shares are in a new listing. The MAS noted last August that if a digital token constitutes a product regulated under Singapore securities laws, then any offer of digital currency must comply with the Securities and Futures Act and the Financial Advisers Act. Exemptions may be granted if it is a small offer of securities, or if the offer is made only to institutional or accredited investors. As the pace of initial coin (or token) offerings and other investments involving digital tokens gathers speed, here are some things you need to know . For more information, visit the national financial education programme MoneySense website. A Introduced about a decade ago, cryptocurrencies are a form of digital tokens that function as a medium of exchange, a unit of account or a store of value. Unlike coins or notes, cryptocurrencies do not have a physical form. They are not issued by any government and are not legal tender. This means that consumers can use cryptocurrencies to pay for goods and services only if the merchant is willing to accept them a Continue reading >>

How To Buy Bitcoin In Singapore

How To Buy Bitcoin In Singapore

You are at: Home Money Matters Investment How to Buy Bitcoin in Singapore The price of a single Bitcoin has hit a record high of US$20k yesterday. Thats about S$27k. [Added 31 Jan 2018: We have just launched our Bitcoin Talk discussion forum . Do participate there to discuss anything about Bitcoin, Ethereum and cryptocurrencies!] If you had bought S$50k worth of Bitcoins just a year ago, your cryptocurrency holdings would be worth S$1 million today. To many people, investing in something unregulated is extremely risky, so, caveat emptor. There are many resources online where you can learn about the history of Bitcoin and how it works. It suffices to say here that many enthusiasts worldwide believe that Bitcoin has proven itself to be a secure and convenient store of wealth. Of course, you have to take the necessary precautions to protect your private keys (or login info if you use an online wallet). Heres how you can start buying Bitcoins in Singapore: Coinhako this is a local company that sells Bitcoins and Ethereum Ethers. Register there and go through their verification process to start. (If you use our referral link, you will get a bonus S$5 after trading S$100 there.) Coinbase this is a US-based company but allows you to use your credit card to buy Bitcoins and Ethereum ethers. (If you use our referral link, you will get a bonus of S$13 worth of Bitcoin after spending S$134 there.) Xfers this is a local company that allows you to use local bank transfers (FAST) to deposit SGD into an online wallet and then use the funds in the wallet to purchase Bitcoins at Coinhako and Coinbase (after linking them to Xfers). NuMoney this new kid on the block is in the midst of opening another retail office in Raffles Place, alongside their current one near Tai Seng MRT. You can b Continue reading >>

Bitcoin Atm Machines Crash As Price Of Cryptocurrency Soars

Bitcoin Atm Machines Crash As Price Of Cryptocurrency Soars

Bitcoin ATM machines crash as price of cryptocurrency soars The bitcoin ATM machine at Tiong Bahru Plaza was one of the two that stopped dispensing the cryptocurrency as the network could not keep up with demand. The other one that crashed was at Hong Lim Complex.ST PHOTO: DESMOND FOO As bitcoin surged past US$16,000 last week, the network could not keep up with the breathless demand. Two ATM machines selling the cryptocurrency in Singapore crashed last Friday. The machines, at Hong Lim Complex and Tiong Bahru Plaza, could not sell bitcoin for three days due to "congestion in the bitcoin network", Bitcoin Exchange founder Zann Kwan told The Straits Times. Meanwhile, potential investors like Mr W.S. Wen, 61, looking to get in on the action, watched in frustration as the price of bitcoin rose. On Monday, when the machines were back up, the price of the cryptocurrency had touched a record US$17,148. "I've never bought bitcoin before, but it is the talk of the town now," said Mr Wen, who was retrenched a month ago. "Buying bitcoin is like buying Toto. But Toto is so hard to hit, I might as well use the money to buy bitcoin, which is going higher every day." Last week, the worry about missing out was global. Investors flocking to open new accounts or place orders last Thursday left Coinbase, the largest US bitcoin exchange, warning of outages and slow transactions, while Bitfinex, the largest global bitcoin exchange, said on Twitter that it has been under a denial-of-service attack for several days and that it recently got worse. Percentage jump in bitcoin's value since the start of the year, even while there are doubts over how long the party can go on. In Singapore, the three bitcoin ATM machines, including one at Clarke Quay Central Mall, have been even more sought after Continue reading >>

Bitcoin: China, Singapore, Japan Issue Cryptocurrency Warnings

Bitcoin: China, Singapore, Japan Issue Cryptocurrency Warnings

Thank empty Chinese cities for bitcoin's rise Japan First-mover in legalizing bitcoin Japanese lawmakers in April allowed the use ofbitcoin and several other cryptocurrencies to make payments and in September officially recognized 11 cryptocurrency exchange operators. The country , however, has no plans yet to issue its own digital currency. Recently, the Bank of Japan joined the chorus of warnings about the rapid rise in the price of bitcoin. Governor Kuroda said Thursday the price increase was "abnormal" and bitcoin is "being traded for investment or speculative purposes," not functioning as a means of payment or settlement. The Reserve Bank of India has repeatedly warned of the risks in trading virtual currencies. Regulators are also worried that cryptocurrencies may be used by people to evade tax, launder money or finance terrorism. Last week, authorities widened their probe into possible wrongdoings linked to cryptocurrencies. South Korea Monitoring financial institutions South Korea has banned its financial institutions from dealing in virtual currencies, including buying, possessing or holding them as collateral. ICOs will also be outlawed, the Prime Minister's Office said in a statement earlier this month. The country accounts for some 20 percent of bitcoin trading worldwide, AFP reported . About one million South Koreans, many of them small-time investors, are estimated to own bitcoin. Australia Bitcoin is a "speculative mania" Reserve Bank of Australia's governor Philip Lowe called the fascination with virtual currencies a "speculative mania" and added that bitcoin is more likely to be attractive to those transacting in the illegal economy, than consumers. The central bank chief also talked down the possibility of issuing a digital form of the local currency Continue reading >>

Bitcoin Exchange Singapore

Bitcoin Exchange Singapore

Most Established and Trusted Bitcoin Machines Operator in Asia since 2014. We buy bitcoin daily from 10am to 2pm at Hong Lim Complex. Email us before your visit. (Latest inventory and machine update on our twitter at As Singaporeans we are excited to bring the one of the first Bitcoin Vending Machines to Singapore. We think this groundbreaking technology could flourish in Asia. Singapore is well suited as one of the freest economies in world and Bitcoin itself brings freedom to its users. We think Bitcoin Vending machines could become an essential part of the Bitcoin infrastructure. We look forward meeting you out there in the Bitcoin community! Bitcoin is an innovative payment network and a new kind of money Bitcoin.org Bitcoin is an innovative payment network and a new kind of money Bitcoin.org If you wonder what Bitcoin is, there is an excellent guide on bitcoin.org . There you can also read the Bitcoin white paper by Satoshi Nakamoto. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin andeveryone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Continue reading >>

Buy Bitcoin/ethereum In Singapore - Coinbase

Buy Bitcoin/ethereum In Singapore - Coinbase

Coinbase, headquartered in San Francisco, has become one of the most prominent businesses, allowing people to buy and store bitcoins and developing deals with merchants to help them carry out bitcoin transactions. One of the first steps, however, is getting Bitcoin into the hands of more people, and companies like Coinbase along with other exchanges that accept multiple currencies are playing a big role in expanding the virtual currencys network. Coinbase has done a good job of simplifying bitcoin use. To pay for sushi at a local shop, I used the Coinbase app on my Android phone to scan the QR code presented by my server. Continue reading >>

Bitcoin Warnings Grow More Strident As Singapore Urges 'extreme Caution'

Bitcoin Warnings Grow More Strident As Singapore Urges 'extreme Caution'

December 19, 2017 / 10:49 AM / 3 months ago Bitcoin warnings grow more strident as Singapore urges 'extreme caution' SINGAPORE/LONDON (Reuters) - Global financial regulators are beginning to warn the public against the risks of investing in a market that many feel is in a speculative bubble, with Singapores central bank on Tuesday urging extreme caution about buying cryptocurrencies. FILE PHOTO: A coin representing the bitcoin cryptocurrency is seen on computer circuit boards in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic/File Photo The staggering growth of bitcoin and other decentralised digital currencies this year - with the market swelling from around $17 billion at the start of January to well over $600 billion now - has led to increasing concerns over what the fallout could be if the bubble were to suddenly burst. There have also been worries that regulators have not been doing enough to protect consumers. Many, though, say investors must take responsibility and must not expect protection if they lose money because of the difficulties of regulating an opaque, complex market that has no centralised authority. The Monetary Authority of Singapore (MAS) said in an official statement on Tuesday it is concerned that members of the public may be attracted to invest in cryptocurrencies, such as bitcoin, due to the recent escalation in their prices. MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation, the central bank said in a statement. The risk of a sharp reduction in prices is high. Investors in cryptocurrencies should be aware that they run the risk of losing all their capital. The city-states central bank added that there is no regulatory safeguard for investments in cryptocurrencies and that it does not r Continue reading >>

Best Bitcoin Exchange For Singapore

Best Bitcoin Exchange For Singapore

Buy Bitcoin and trade Crypto Currencies in Singapore with these Exchanges: On this page you can find the best bitcoin and crypto exchanges for users in Singapore. If you want to buy bitcoin from Singapore you can do that through using SGD or other fiat deposit sent to your bitcoin exchange account. As not too many bitcoin exchanges are available on the market which accepts SGD deposits, you might need to consider translating SGD to USD, JPY or CNY to get to your bitcoins in a cheaper way. You can send the required money to the bitcoin exchange using bank wire transfers or you can also use a credit card. The Monetary Authority of Singapore clearly articulated as early as 2013 that they do not intend to intervene in any transactions or commercial decisions related to bitcoin. Although the authority warned the public about the risk associated with using cryptocurrencies multiple times over the years, there has been no regulation put forth in the country regarding the usage of bitcoin and other altcoins. From the taxation perspective , bitcoin transactions are treated as barter transaction when used as a payment for purchasing goods. Continue reading >>

Singapore Includes Bitcoin In Singular Regulation Of Payments Services

Singapore Includes Bitcoin In Singular Regulation Of Payments Services

Singapores Central Bank Includes Bitcoin in Singular Regulation of Payments Services Join our community of 10 000 traders on Hacked.com for just $39 per month. The Monetary Authority of Singapore, the countrys central bank, is pressing ahead with regulation that will bring a handful of retail payment services, including bitcoin and cryptocurrency exchanges, under a single legislation. With an announcement on Tuesday, the Monetary Authority of Singapore (MAS) launched the second consultation on its Payment Services Bill, a payments regulatory network proposing to streamline the regulation of all payment services under a single legislation. Notably, the proposed bill is also seeking to bring virtual currency services, like bitcoin exchange platforms, under regulatory purview. As regulator, the MAS will have oversight to look into money laundering and terrorism financing risks as well as ensuring safeguards for consumers funds. When enacted, payment firms, as well as bitcoin exchanges, will be required to hold only one license under the new regulatory framework. The new framework will expand the scope of regulation to include domestic money transfers, merchant acquisition and the purchase and sale of virtual currencies, reads an excerpt from MAS announcement. Only payment activities that face customers or merchants, process funds or acquire transactions, and pose relevant regulatory concerns will need to be licensed. MAS managing director Ravi Menon said of the framework: We want to put in place a forward-looking regulatory regime to encourage wider adoption of secure e-payment solutions. The novel, activity-based licensing framework aims to right-size regulatory requirements to address the risks posed by specific payment activities. This will help to protect consumers an Continue reading >>

How To Buy Bitcoin In Singapore

How To Buy Bitcoin In Singapore

Charanjit Singh - 11 December 2017 at 5:08 There's been a whole lot of buzz around bitcoin lately. Bitcoin seems to have become a constant talking point at just about every dinner party I've been at this past month. And the moment I mention that I have invested in bitcoin and some other crypto currencies, I am inundated with questions on how to go about easily getting your hands on some bitcoins. I purchased my first bitcoin earlier this year after having followed this phenomenon and blockchain technologies closely over the last couple of years. I won't discuss the merits of the crypto currency here (perhaps in another post), but will try to put forth a couple of options for the average Singaporean fella to get his hands on bitcoin. Disclaimer: I am not recommending that you buy bitcoin or any other crypto currency. Before you invest, make sure you are fully aware of the risks, the downside and the potential pitfalls. It's worth checking the MAS website for the Singapore government's stand on crypto currencies. If you're still keen, this article shows you how you can do it best. There are essentially two ways you can buy bitcoin in Singapore. You can go online to one of the many bitcoin exchanges or head down to a local ATM where you can exchange your Singapore dollars for bitcoin in an instant. When it comes to buying Bitcoin online, there are a multitude of options available to you. Depending on your needs and how deep you want to get into crypto currencies, I have laid out three ways that have worked well for me. Coinbase is one of the easiest ways to buy bitcoin online for the newbie. With an easy-to-use interface and mobile app, you can buy and sell bitcoin directly from your computer or mobile phone. Coinbase is one of the most popular bitcoin exchanges in the wo Continue reading >>

Cashless Cafe Accepting Bitcoin Opens In Singapore - Business Insider

Cashless Cafe Accepting Bitcoin Opens In Singapore - Business Insider

A vertical stack of three evenly spaced horizontal lines. * Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our A caf opened in Singapore that accepts bitcoin instead of cash and has a cryptocurrency ATM for people running low Ducatus Caf, which is owned by the cryptocurrency mining company Ducatus Global, accepts no cash. Singapore's first cashless caf, Ducatus Caf, has officially opened its doors. Patrons cannot pay in cash only bitcoin or the caf's own Ducatus coin and the caf expects to accept other cryptocurrencies soon, too. The caf provides a cryptocurrency ATM, as well as branded gifts alongside its more typical coffee and snacks. Singapore's first cashless caf has officially opened its doors in its city's center. Ducatus Caf, owned by the cryptocurrency mining company Ducatus Global, accepts zero cash and is fully dependent on cashless payments such as credit cards, Nets, and, of course cryptocurrencies. The eatery at Oxley Tower on Robinson Road accepts bitcoin and its very own Ducatus coin, but CEO Ronny Tome says there are plans to accept other cryptocurrencies soon. "The idea of the caf was developed because we wanted to make sure that people can use our Ducatus coins but also bitcoins and other cryptocurrencies in day-to-day business. "Right now, cryptocurrencies are mostly used for speculation on markets We want to make it part of our daily life," he said. Ducatus coin launched in Singapore in January this year, and each coin is now worth about 0.13 of a Singapore dollar, or $0.10, Tome added. With an in-store cryptocurrency ATM, customers can make cash-to-bitcoin deposits while waiting for their coffee and sandwich at the caf. Business Insider visited Ducatus Caf on Thursday morning Continue reading >>

Monetary Authority Of Spore Issues Bitcoin Warning

Monetary Authority Of Spore Issues Bitcoin Warning

Summary and background of Monetary Authority of Singapore media release: The Monetary Authority of Singapore issued a statement on Dec. 19, 2017 addressing the recent spike in bitcoin prices. It cautioned that the bubble may burst as its rise in price comes from speculation. The MAS noted that cryptocurrencies are unregulated and not backed by any central bank. Those who lose money after investing in them have no room for redress under Singapore law. Other countries regulators have also issued warnings Regulators around the world have warned about cryptocurrency investments, including the US Federal Reserve. A fall in prices overnight will threaten financial stability. Regulators in Seoul have banned South Korean financial institutions from dealing in virtual currencies. On Tuesday, Dec. 19, a South Korean virtual currency exchange declared itself bankrupt. This is the second time in a year the exchange has been hacked. Eight months ago, nearly 4,000 bitcoins then valued at 5.5 billion won (S$6.2 million) were stolen in a cyber-attack blamed on North Korea. This represented nearly 40 percent of the exchanges total assets. Global bitcoin prices have ballooned by 20 times this year, with the cryptocurrency trading above US$18,000 (S$24,276) on Tuesday. 1. The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies. MAS is concerned that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices. 2. MAS reminds the public that cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any asset or issuer. 3. MAS considers the recent surge in the Continue reading >>

Bitcoin Investing: The Complete Guide [2018 Edition]

Bitcoin Investing: The Complete Guide [2018 Edition]

Download PDF: Grab this 27-pages Bitcoin investing guide filled with vulnerable tips, explanation and how-to now. Unlike what many critics bash about bitcoin. Here are few things you might not know: Did you know that bitcoin is limited to only 21 Million coins and unlike the paper currency which the government can print indefinitely? Did you know that all bitcoin transactions are fully transparency and can be traced all the way to its root? Did you know that there are many cryptocurrency out there and among all bitcoin is the first cryptocurrency? Well, there's always something magical about being the first as it tends to have high perceived value from people. Since the prices have increased so much. You are probably wondering are you too late in the game or how can you get started? This article covers everything you need to know about bitcoin written in Singaporean investors perspective. So without further ado, let's jump right in! Bitcoin is a virtual, decentralised currency, that can be traded or used over the internet. Decentralised = Environment where power and functions are distributed away from a central authority A cryptocurrency is a currency whose transactions are secured using cryptography. Bitcoin is also the world's first decentralised cryptocurrency. Fiat currencies are backed up by the country issuing them. If you take a close look at your $2 note or $1 coin, you will notice the words legal tender. What this means is that these coins or banknotes must be accepted in payment of a debt. For example, Starbucks is legally bounded to accept my dollar notes in exchange for their coffee. On the other hand, if I insist on paying for my latte with two bananas, they have every right to refuse me my drink. Bitcoin on the other hand is not backed by any country. As Continue reading >>

No Strong Case To Ban Crypto Trading, Singapore Says

No Strong Case To Ban Crypto Trading, Singapore Says

No Strong Case to Ban Crypto Trading, Singapore Says The Monetary Authority of Singapore has been studying cryptocurrency developments and there is no strong case to ban crypto trading, a high-ranking government official told lawmakers. The adoption of regulations in other countries in the region has increased pressure on authorities in the city-state to clarify their stance on bitcoin, as more crypto companies in Asia are seeking friendlier business environments. Also Read: Thailand Taking Steps to Regulate ICOs The number and different forms of cryptocurrencies is growing internationally, Deputy Prime Minister of Singapore Tharman Shanmugaratnam told deputies. Cryptocurrencies are an experiment. It is too early to say if they will succeed, he said answering questions from lawmakers about the possibility to ban the trading of bitcoin and its alternatives. If some do succeed, their full implications will not be known for some time, Shanmugaratnam noted in his written answer to MPs, who asked him about government intentions after recent crackdowns in China and South Korea . He reminded them that the Monetary Authority of Singapore (MAS, the central bank) has been closely studying developments and potential risks. As of now, there is no strong case to ban cryptocurrency trading here, he insisted. Last month Tharman Shanmugaratnam clarified the governments position on cryptocurrencies, as news.Bitcoin.com reported . He stressed that financial authorities would not distinguish between cryptocurrencies and fiat currencies for the purpose of preventing money laundering and terrorism financing. The minister in charge of MAS also said that the central bank would be imposing the existing legal requirements on those involved in cryptocurrency trading as intermediaries. This time Continue reading >>

Singapore Central Bank Urges 'extreme Caution' On Bitcoin Investment

Singapore Central Bank Urges 'extreme Caution' On Bitcoin Investment

Singapore Central Bank Urges 'Extreme Caution' on Bitcoin Investment Dec 20, 2017 at 12:00 UTC|UpdatedJan 16, 2018 at 07:50 UTC The Monetary Authority of Singapore (MAS), the country's de facto central bank, has become the latest financial watchdog to issue a warning on the risks of investing in cryptocurrencies. Citing the recent "speculative" escalation in prices across the crypto markets, MAS has released a statement advisi ngthe public to take "extreme caution" if investing in digital currencies such as bitcoin. The authority also stressed that it "does not regulate cryptocurrencies" and that investors must be prepared to face the risk of losing their funds. Clarifying that cryptocurrencies are "not a legal tender" in the country, MAS stated: "The Monetary Authority of Singapore advises the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies." MAS further noted that there is no regulatory body in Singapore that can safeguard cryptocurrency investments or the "safety and soundness" of cryptocurrency intermediaries. However, "if a cryptocurrency intermediary is found to have used cryptocurrencies illegally, its operations could be shut down by law enforcement agencies," the central bank added. The statement follows a previous investor warning from MAS onthe risks involved in initial coin offerings (ICOs), published in August. "If consumers deal with entities that are not regulated by MAS, they forgo the protection afforded under laws administered by MAS," the notice stated at the time. Other global financial authorities have cautioned investors against bitcoin investments, including the head of Denmark's central bank who warned investors Monday to "stay away" from bitcoin, and described inv Continue reading >>

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