{"id":404850,"date":"2022-02-12T03:11:00","date_gmt":"2022-02-12T00:11:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/"},"modified":"2022-02-12T03:11:00","modified_gmt":"2022-02-12T00:11:00","slug":"why-singapore-is-one-of-the-most-crypto-friendly-countries","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/","title":{"rendered":"# Why Singapore is one of the most crypto-friendly countries"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c564bce672\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c564bce672\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Cryptocurrency_consumer_protection_law\" >Cryptocurrency consumer protection law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Payment_Services_Act_January_2020\" >Payment Services Act, January 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Initial_coin_offerings\" >Initial coin offerings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Taxation_of_cryptocurrencies\" >Taxation of cryptocurrencies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Blockchain_adoption\" >Blockchain adoption<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Cryptocurrency_exchanges\" >Cryptocurrency exchanges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Banking\" >Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Cap_and_trade_and_renewable_energy_trading_exchanges\" >Cap and trade and renewable energy trading exchanges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Green_cryptocurrency_mining_companies\" >Green cryptocurrency mining companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Shipping\" >Shipping<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Startups\" >Startups<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Central_bank_digital_currency\" >Central bank digital currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/buradabiliyorum.com\/en\/why-singapore-is-one-of-the-most-crypto-friendly-countries\/#Nonfungible_token\" >Nonfungible token<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why Singapore is one of the most crypto-friendly countries <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef><em>In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML\/CFT regulations and legal issues affecting crypto and blockchain.<\/em><\/p>\n<p>At the end of 2021 \u2014 a year in which Bitcoin (BTC) and Ether (ETH) rose 100% and 300%, respectively \u2014 global crypto rating company Coincub <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coincub.com\/crypto-ranking-guide-for-2021-q4\/\">ranked<\/a> Singapore as the most crypto-friendly country in the world due to its \u201crobust economy, positive legislative environment, and high rate of cryptocurrency adoption.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/cf6bac5b-d3e8-4ac4-a771-1760f70feee8.png\"><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Cryptocurrency_consumer_protection_law\"><\/span>Cryptocurrency consumer protection law<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Singapore\u2019s regulators have done a great deal to nurture the blockchain industry. Its No. 1 ranking by Coincub was proven right by the prompt regulatory measures implemented by the Monetary Authority of Singapore (MAS), the country\u2019s main financial regulatory body, when the cryptocurrency market began crashing during January 2022 and entered bear market territory.<\/p>\n<p>During mid-January, Singapore\u2019s MAS enacted consumer protection laws for investors exposed to constant reminders of digital assets via billboard ads or crypto ATMs, banning all cryptocurrency-related advertisements and ATMs in public spaces.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Clampdown on crypto ads: A one-off or a new phase of global regulation?<\/em><\/strong><\/p>\n<p>In a statement, MAS said that while it \u201cstrongly encourages\u201d blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> development and innovative crypto use cases, cryptocurrency trading is \u201chighly risky and not suitable for the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public.\u201d As such, cryptocurrencies should not be portrayed \u201cin a manner that trivialises the high risks of trading\u201d them.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Payment_Services_Act_January_2020\"><\/span>Payment Services Act, January 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In January 2020, Singapore\u2019s Payment Services Act came into effect as a response to the Financial Action Task Force\u2019s 2018 update to its Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) cross-border risk guidelines for cryptocurrencies. The Payment Services Act is a flexible framework for the regulation of payment systems and payment service providers in Singapore that establishes registration requirements along with AML and CFT guidelines for cryptocurrency businesses.<\/p>\n<p>MAS has been selective in issuing licenses to cryptocurrency businesses, with a large number of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>licants failing to receive licenses to operate in the country. DBS Bank \u2014 Singapore\u2019s largest bank \u2014 as well as OCBC Bank, IBM and two institutional-grade Bitcoin funds launched by Singapore-based fund manager Fintonia Group are among those that received licenses to operate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Initial_coin_offerings\"><\/span>Initial coin offerings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In response to a wave of initial coin offering launches, MAS first published guidelines in August 2017 indicating that if an ICO was deemed to be issuing a security, it would be subject to regulation. This was followed by MAS issuing \u201cA Guide to Digital Token Offerings,\u201d which provides further explanation and direction on the regulation of cryptocurrencies in Singapore.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Taxation_of_cryptocurrencies\"><\/span>Taxation of cryptocurrencies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Singapore is a low-tax jurisdiction. According to Desmon Teo and Lee Vin Wee of Big Four accounting firm Ernst &amp; Young, the Inland Revenue Authority of Singapore <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ey.com\/en_sg\/you-and-the-taxman\/key-tax-considerations-when-transacting-in-digital-tokens\">exempted<\/a> digital payment tokens from goods and services tax effective Jan. 1, 2020. Since there are no capital gains taxes in Singapore, capital gains derived from the sale of cryptocurrencies are not taxable either.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/160a8276-f05f-49dc-810f-4ff17b5a0adb.png\"><\/figure>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The major tax myths about cryptocurrency debunked<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Blockchain_adoption\"><\/span>Blockchain adoption<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Singapore, which is a major financial center and shipping hub and has the tenth-highest GDP per capita, has emerged in a short period as a global cryptocurrency hub amid its favorable regulatory and tax infrastructure and by utilizing blockchain technology in many areas of its economy. MAS is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/news\/speeches\/2021\/the-future-of-money-finance-and-the-internet\">bullish<\/a> on the potential of crypto and blockchain, particularly in expediting cross-border payments and trade finance, but frowns on cryptocurrencies as investment assets for retail investors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cryptocurrency_exchanges\"><\/span>Cryptocurrency exchanges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to one survey, 43% of Singaporeans own cryptocurrency. In comparison, the overall crypto ownership <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.finder.com\/finder-cryptocurrency-adoption-index\">rate<\/a> is 11.3% in South Africa, 10.5% in the United States and 9.8% in Sweden.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/7b0335e9-b6c2-4fe4-9bf0-0a464cca1daa.png\"><\/figure>\n<p>Retail investors can trade cryptocurrencies on a multitude of crypto exchanges, including Coinbase, Kraken, FTX, Bybit, KuCoin, Vauld, Independent Reserve, Gemini, Coinhako, Tiger Brokers, Futu\u2019s Moomoo and Syfe. Binance, the world\u2019s largest crypto exchange, acquired an 18% stake in the Singapore-regulated private securities exchange Hg Exchange before announcing it would discontinue its operations at Binance Singapore by mid-February 2022. This announcement was followed by a special report by Reuters <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/special-report\/finance-crypto-currency-binance\/\">detailing<\/a> Binance\u2019s opaque corporate structure coupled with weak global AML and CFT compliance. <\/p>\n<p>Huobi, the world\u2019s sixth-largest crypto exchange, also announced it would be shutting accounts in Singapore by the end of March 2022. SIX Digital Exchange \u2014 a sister company of SIX Swiss Exchange, which operates Switzerland\u2019s national stock exchange \u2014 announced a partnership with SBI Digital Asset Holdings, a division of Japanese banking and financial services giant SBI Group, to establish a crypto exchange and central securities depository in Singapore. The joint venture, called Asia Digital Exchange, is designed to create a regulated, global liquidity pool for digital assets between Asia and Europe.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Banking\"><\/span>Banking<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A multitude of big banks \u2014 including Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities, Standard Chartered, Societe Generale and United Overseas Bank \u2014 have <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.finextra.com\/newsarticle\/38907\/big-banks-join-post-trade-dlt-joint-venture-marketnode\">joined<\/a> Marketnode, a digital asset joint venture of major investment holding company Singapore Exchange (SGX) and government-backed investment firm Temasek. The goal is to explore the use of blockchain technology focused on capital markets workflows through smart contracts, ledger and tokenization technologies. Marketnode also partnered with Singapore-based fintech firm RootAnt Global and United Kingdom-based blockchain platform SETL to focus on fixed income and multi-asset end-to-end infrastructure development.<\/p>\n<p>Grab \u2014 a Singapore- and Indonesia-headquartered company focused on mobile applications for transportation, food delivery and cryptocurrency payments \u2014 and Singapore Telecommunications have each <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/singtel-buys-minority-stake-indonesian-bank-about-35-mln-2022-01-21\/\">acquired<\/a> a 16.3% stake in PT Bank Fama International in order to pursue digital banking opportunities in Indonesia. The two collectively secured a digital banking license in Singapore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cap_and_trade_and_renewable_energy_trading_exchanges\"><\/span>Cap and trade and renewable energy trading exchanges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Efforts for a green recovery from the COVID-19 pandemic have been gathering speed around the world, particularly following the COP26 conference in November 2021. Singapore is vulnerable to rising ocean levels as a result of global warming, with 30% of the landmass less than five meters (16 feet) above sea level.<\/p>\n<p>Singapore uses natural gas to generate power, and the nation\u2019s Sunseap Group, a solar energy system developer, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/sunseap-build-2-bln-floating-solar-farm-indonesia-worlds-largest-2021-07-22\/\">plans<\/a> to spend $2 billion to build the world\u2019s largest floating solar farm in the Indonesian city of Batam, doubling its renewable energy capacity. Temasek is collaborating with DBS Bank, SGX and Standard Chartered to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ledgerinsights.com\/dbs-sgx-stanchart-temasek-plan-global-carbon-exchange-using-blockchain-cix\/\">create<\/a> a blockchain-based exchange, Climate Impact X, to trade carbon credits. The country already <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2018\/11\/07\/blockchain-tech-is-taking-on-renewable-energy-trading-in-one-country.html\">hosts<\/a> a blockchain-powered exchange for renewable energy trading from utilities provider SP Group.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UN\u2019s COP26 climate change goals include emerging tech and carbon taxes<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Green_cryptocurrency_mining_companies\"><\/span>Green cryptocurrency mining companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cryptocurrency mining is the process of obtaining new tokens by solving complex calculations performed by powerful computers, which demand a large amount of electricity to function. China, once the world\u2019s largest crypto miner, cited the instability of cryptocurrency values when it shut down crypto miners in May 2021, as the profitability of mining companies is tied to the price of cryptocurrencies. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/db40b24e-4d68-4034-89db-80a15a6a05fb.png\"><\/figure>\n<p>Bitdeer, Saitech, Sharemine AI and BitFuFu are all Singapore-based cryptocurrency mining companies with mining operations outside the country. Bitdeer and Saitech are seeking to be publically listed on Nasdaq. Saitech recycles the waste energy from mining for use in residential, agricultural and industrial applications. Bitdeer and Sharemine AI <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/kr-asia.com\/elevated-by-institutional-demand-crypto-mining-firms-slide-into-public-markets\">mine<\/a> with clean energy generated from hydroelectric and solar power.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Shipping\"><\/span>Shipping<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A recent study carried out by Nanyang Technological University in Singapore examined Singapore\u2019s and China\u2019s shipping industries to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S1361920921002406\">show<\/a> that digitizing shipping documents could reduce more than 99% of the carbon emissions that result from the use of paper documents.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How will blockchain technology help fight climate change? Experts answer <\/em><\/strong><\/p>\n<p>PSA International, the world\u2019s largest container port operator \u2014 with flagship operations in Singapore and Antwerp and locations in 26 countries \u2014 is exploring using blockchain and digital assets for decarbonization goals. The company is a participant in supply chain blockchain platforms TradeLens and GSBN and an indirect minority shareholder in Global eTrade Services, which offers its Open Trade Blockchain for documents. PSA <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.offshore-energy.biz\/psa-rht-team-up-on-esg-digital-assets-solutions-to-speed-up-decarbonization\/\">signed<\/a> a deal with Singapore consulting firm RHT Group of Companies for an environmental, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> and governance project.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Startups\"><\/span>Startups<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Tribe Accelerator is a blockchain accelerator launched by Trive Ventures, a Singaporean venture capital firm, with the core goal of increasing and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.augustman.com\/sg\/amselect\/august-mentor\/technopreneur-ryan-chew-on-using-blockchain-to-solve-global-issues\/\">streamlining<\/a> blockchain adoption in Asia, beyond financial services applications. It is the first blockchain accelerator supported by the Singaporean government (it is backed by MAS and Temasek).<\/p>\n<p>Other backers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesstimes.com.sg\/garage\/blockchain-accelerator-tribe-gets-strategic-backing-from-korean-vc-firm\">include<\/a> Citibank, IBM, Intel, BMW, Korea Investment Partners, Mandiri Investment Management Singapore \u2014 a subsidiary of Indonesian state-owned Bank Mandiri \u2014 Greg Kidd \u2014 an early Twitter, Coinbase and Square investor \u2014 and Hong Kong-based investment firm Stellar Partners. So far, Tribe has funded more than 30 startups with a combined value of more than $1 billion. In November 2021, Microsoft <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/news.microsoft.com\/en-sg\/2021\/11\/18\/singapore-greentech-challenge-by-microsoft\/\">launched<\/a> its Singapore GreenTech Challenge to accelerate progress in startups in an effort to implement Singapore\u2019s Green Plan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Central_bank_digital_currency\"><\/span>Central bank digital currency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Singapore, through its Project Ubin, is one of 87 countries <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.atlanticcouncil.org\/cbdctracker\/\">exploring<\/a> a central bank digital currency (CBDC), according to the Atlantic Council.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/05016bdc-9c6a-40db-8b69-c6d783613972.png\"><\/figure>\n<p>MAS has been testing CBDCs and discussing the creation of multiple CBDC arrangements to improve the speed, cost and transparency of cross-border payments. It has developed a prototype multi-currency wholesale settlement network to enable the issuance and distribution of various CBDCs on a common network in partnership with China.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Asian CBDC projects: What are they doing now?<\/em><\/strong> <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nonfungible_token\"><\/span>Nonfungible token<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Singapore Art Week 2022, which ran from Jan. 14 through Jan. 23, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tzpulse.com\/articles\/tz-apac-celebrates-asian-digital-artists-in-industry-first-nft-showcase-at-s-e-a-focus-as-part-of-singapore-art-week-2022\">hosted<\/a> TZ APAC, which celebrated Asian digital artists in an industry-first nonfungible token (NFT) showcase at the S.E.A. Focus showcase.<\/p>\n<p>Art<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a> Museum in Singapore \u2014 the first museum in Asia with major exhibitions to integrate art, science, culture and technology \u2014 opened its newest exhibition, \u201cRadical Curiosity: In the Orbit of Buckminster Fuller,\u201d in conjunction with the final weekend of Singapore Art Week, according to Adrian George, director of programs, exhibitions and museum services at ArtScience Museum.<\/p>\n<p>Known as the \u201cgrandfather of the future\u201d by his admirers, Richard Buckminster Fuller was an American architect, systems theorist, inventor and author who predicted a technology similar to blockchain, on which cryptocurrency is based. In a video interview from 1967, Fuller <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mobile.twitter.com\/DocumentingBTC\/status\/1481762814494711808\">states<\/a>: <\/p>\n<blockquote><p>\u201cI\u2019ll have to talk about something which will be one of the very big, new realizations by 2000 AD, which will be a realistic scientific accounting system of what is wealth. [&#8230;] Wealth is energy.\u201d<\/p><\/blockquote>\n<p>While ArtScience Museum did not offer NFTs of the \u201cRadical Curiosity: In the Orbit of Buckminster Fuller\u201d exhibition, here is one of Fuller created by Freeos and shared on Twitter:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Just dropped this Buckminster Fuller <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/NFT?src=hash&amp;ref_src=twsrc%5Etfw\">#NFT<\/a> to all of our <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Freeos?src=hash&amp;ref_src=twsrc%5Etfw\">#Freeos<\/a> Beta Testers.  Thank you everyone!<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/yBXH5ZRJEu\">https:\/\/t.co\/yBXH5ZRJEu<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/zmyRKu64R1\">pic.twitter.com\/zmyRKu64R1<\/a><\/p>\n<p>\u2014 Freeos (@Freeos_dao) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Freeos_dao\/status\/1445652103989325825?ref_src=twsrc%5Etfw\">October 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Selva Ozelli<\/strong>, Esq., CPA, is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-singapore-is-one-of-the-most-crypto-friendly-countries\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why Singapore is one of the most crypto-friendly countries &#8221; In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML\/CFT regulations and legal issues affecting crypto and blockchain. 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