Bitcoin (BTC) was invented to challenge the hegemonic arrange of worldwide finance, so naturally, it has had a tense relationship with regulators since its early days. The technical and social roots of cryptocurrency, to a great extent, stem from communities with a deep distrust of the state. From its plan to its driving narratives, crypto may be a dissident innovation. The legality of cryptocurrencies is an ongoing debate. Whereas a few institutions are attempting to arrange them inside finance instead of keeping them out, numerous governments are still talking about topics including customer protection legislation, tax regulation, launching institutional investment vehicles such as exchange-traded funds, known as ETFs, and even building central bank digital currencies, otherwise known as CBDCs. The challenge and concern around Bitcoin and cryptocurrency regulation are how patchwork legislation over jurisdictions may ruin the growth and development of the crypto economy that’s planning to be a borderless, open financial system.
Unlike most of its neighbors, cryptocurrencies and exchanges are legal in Singapore. Crypto isn’t considered legitimate tender, but it is labeled “goods,” so it is subject to Goods and Services Tax. In the past, Singapore has been very lax concerning controlling cryptocurrency trades. However, this all changed in 2018 when the Monetary Authority of Singapore issued a warning about crypto speculation. As a result, cryptocurrencies are now subject to the same anti-money laundering and counter-terrorist financing measures as fiat currencies.