Singapore: Where, How, and What you can buy for bitcoins

Kript Team
Sep 5, 2018 · 3 min read

Somewhere cryptocurrencies are legal, somewhere — not. The Kript team decided to figure that out and started making a new series of reviews: we tell you where, how, and what you can buy with bitcoins.

Country: Singapore

Cryptocurrency trading and payments are legal in Singapore. The Inland Revenue Authority of Singapore recognizes bitcoins as goods, not as currency, so payments in bitcoins are treated as barter exchanges and businesses are required to record the value of cryptocurrency transactions in their accounts on the basis of the exchange rate at the time of transaction.

Despite favorable conditions, not many retailers in Singapore accept bitcoins as a form of payment.According to the data provided by Channel NewsAsia, only about 20 retailers in Singapore accepted bitcoin payments at the beginning of 2018. And some of those who used to accept bitcoins some time ago canceled this payment method for some reasons.

What you can pay for

Precious metals

Silver Bullion is a Singapore-based company, providing segregated ownership and storage of precious metals. It allows buying precious metals or paying for storage with a bitcoin payment option. The limit for selling back precious metals for bitcoins is 50 000 USD per day. And the limit for other bitcoin transactions is 500 000 USD per day.

Another company, offering precious metals for cryptocurrency is BullionStar. It is a bullion dealer with a shop, a showroom and a vault located in Singapore accepting Bitcoin, Bitcoin Cash, Ethereum and Litecoin for its products. Currently, maximum amount of buy orders in bitcoin is 200 BTC, and sell orders are limited to 30 BTC.

Order in a café

Singapore’s startup Ducatus café allows payments in bitcoins. It is the first restaurant in the city that goes completely zero cash. It was opened in December, 2017. There you can enjoy food and drinks as well as buy some eco-friendly products of this brand. The café accepts its own cryptocurrency and Bitcoins. It also has a cryptocurrency ATM.

A ticket to a Tioman Island

Tioman Island is a small island in Malaysia. It is popular among the tourists and many of them visit it from Singapore. Tioman Ferry Tickets is an official Tioman ferry tickets supplier. It allows reserving ferry tickets online or at Mersing Harbour Centre. The service also allows booking a bus, a taxi or a hotel on the island. The list of payment options includes credit card, PayPal or Bitcoin.

Medical and fitness equipment

PHYX, specializing in professional rehabilitation and fitness products and located in Singapore, provides its customers with bitcoin payments option. The range of the offered products includes equipment for muscle activation following injuries, massage tools, wheat bag heat wraps, Manuka Honey, and more.

How to pay

Solutions for e-commerce transactions

Shopify: e-commerce platform supporting many of the top Singaporean payment gateways such as Coinbase Commerce, BitPay, and more. The platform enables bitcoin payments with low fees and no chargebacks.

MC Payment: a merchant service company meant to facilitate payment collection across multiple platforms for commerce transactions between suppliers, merchants and end consumers in Singapore, Malaysia, Hong Kong, Thailand, Indonesia and Sri Lanka.

Bitcoin ATMs

According to Coin ATM Radar service, currently there are 10 Bitcoin ATMs in Singapore. With the use of such ATMs you can easily buy or sell bitcoin. Some of these ATMs also support some other cryptocurrencies, such as Bitcoin Cash, Ether, Dash, and more.

👉 ATMs on the map

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