Most Crypto Friendly Countries: Part 1 - Singapore

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◻️ The most Crypto friendly countries ◻️ 🇸🇬 Part 1: Singapore 🇸🇬 🧵 Thread #35👇

🔸 Crypto is becoming increasingly accepted as legal tender. 🔸 This series of threads features nations that are advanced in the process of adaptation. 🔸 Why do I start with Singapore? 👇 Because you chose it. twitter.com/wssounddesign/status/1647538083573768199?s=20

◻️ History ◻️ 🔸 Singapore, officially the Republic of Singapore, is an island country and city-state in maritime Southeast Asia. 🔸 Singapore's 14th-century history and late 1960s modernization drive have made it one of the world's richest countries.

◻️ General ◻️ 🔸 Singapore offers one of the most crypto-friendly tax laws, regulations, adoption rates, investment possibilities, and infrastructure. 🔸 However, Singapore's attitudes toward crypto is complicated. twitter.com/LITS_BIZ/status/1653713572357177345?s=20

🔸 The government has shut down crypto ATMs and rejected hundreds of requests for licenses in the crypto industry. 🔸But still: Singapore saw the highest fintech investments in the crypto or blockchain sector in 2022, according to @KPMG . twitter.com/CoinDesk/status/1626166753226022914?s=20

◻️ Regulations ◻️ 🔸 Banks in Singapore are working with regulators to establish uniform standards for screening customers in the crypto and digital asset sectors. 🔸 Stablecoin, NFT, and gaming credits will be its focus. twitter.com/CoinDesk/status/1643867474075549696?s=20

◻️ Tax ◻️ 🔸 Transactions for goods and services are tax-free, and payments are not subject to taxation in Singapore. 🔸 Holders must record profits and losses on their yearly tax return. 🔸Taxation is easy with the Inland Revenue Authority. twitter.com/TokenTax/status/1641141762386165772?s=20

◻️ Women outperformed men ◻️ 🔸 The Independent Reserve Cryptocurrency Index (IRCI) found that 76% of Singaporean women and 72% of men earned money or broke even on crypto purchases. 🔸 33% of women bought bitcoin last year. 37% this year. twitter.com/Cointelegraph/status/1640852024203038722?s=20

◻️ Conclusion ◻️ 🔸 Singapore has refocused after being a crypto haven. 🔸 Let's see how the regulations change it. 🎉 Happy release day @skribrnetwork 🎉 👇Now you can read the more elaborate article on the subject directly. skribr.io/article/the-worlds-most-welcoming-crypto-countries/