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Singapore
7.70 Rather Enabling Environment
Regulatory conditions for business projects related to blockchain and cryptocurrencies started taking shape in Singapore in 2013. The Monetary Authority of Singapore (MAS) announced its intention to refrain from regulating cryptocurrencies, emphasizing the loss of investment risk everybody engaged in virtual currencies trading should be ready to face. The Inland Revenue Authority of Singapore (IRAS) issued instructions in early 2014 detailing the ways for the taxation of cryptocurrency and blockchain technology-related activities in accordance with the current legislation. Later on, in 2014, the MAS announced its intention to regulate the activities of intermediaries that exchange cryptocurrency for fiat money. In August 2017, the MAS published a guide to ICOs regulation.
The regulatory conditions that shaped in 2014–2017 are still in place. However, the MAS developed the Payment Services Bill and started its public discussion in August 2016. The Bill incorporates rules for combating money laundering and terrorism financing, regulates the exchange of virtual currencies for fiat money or for other virtual currencies. It is expected to be introduced to the Parliament in 2018.

Singapore is among global leaders in terms of cryptocurrency market volume, number of blockchain startups, number of cryptocurrency exchanges and initial token offerings. Singaporean government started to actively implement the blockchain technology in various fields. Moderate regulation of cryptocurrencies and ICOs, as well as the advantageous taxation system make Singapore an attractive jurisdiction for the blockchain business. The state in cooperation with the blockchain associations promotes the application of the distributed ledger technology in various sectors of the economy.
Rather Enabling Political Environment
7.0 points
Most institutionalized political actors in Singapore express their attitude towards cryptocurrencies and blockchain projects. The regulators focus mainly on the positive opportunities offered by the distributed ledger technology application. Various government bodies announce their intention to support the industry and implement specific steps in this direction. Threats are generally considered within the soft regulation and risk mitigation attitude. The entities directly involved in the financial system activities, where blockchain is most commonly used, share a comprehensive attitude. There are no obvious contradictions in the positions held by different political authorities.

In general, Singapore boasts a stable and positive political environment for the cryptocurrency and blockchain projects development.
Rather Enabling Legal Environment
6.40 points
Regulatory Convergence
Singapore has no special legislation regulating blockchain projects and cryptocurrencies. However, the key legal relations in the area fall within the scope of general legislation, the application of which is detailed in special guidelines published by the regulatory authorities (which are not legislative acts though). The regulation of blockchain and cryptocurrency-related issues is within the competence of the following bodies: Monetary Authority of Singapore (MAS), Inland Revenue Authority of Singapore (IRAS), Suspicious Transaction Reporting Office (STRO). There are differences in approaches towards legal status of tokens, they could have the status of goods/services or securities depending of their nature.

Definiteness of Legal Regulation
As Singapore has no special legislation regulating blockchain projects and cryptocurrencies, the key legal relations in this sphere are regulated by analogy on the basis of other legislation acts. According to the explanations of the applicable legislation provided by the Inland Revenue Authority of Singapore (IRAS), cryptocurrencies have the status of goods or services. At the same time, according to the explanation given by the MAS, the tokens in general should be distinguished from virtual currencies in particular. Offerings or issues of tokens may be governed by the Monetary Authority of Singapore (MAS) in accordance with the Securities and Futures Act (SFA), if the tokens are financial products. Activities involving cryptocurrencies are taxed. Cryptocurrency exchange, mining, exchanges, and other activities are subject to income tax. The activities of cryptocurrency exchanges are not subject to licensing unless they offer tokens falling within the definition of securities. Exchanges are subject to the general requirements of the AML/CFT legislation, including the reporting about suspicious transactions.

Stability of Legal Regulation
There were no changes in the legislation regulating cryptocurrency projects over the past year. However, in August 2016, the Monetary Authority of Singapore (MAS) launched a public discussion of the Payment Services Bill. It is expected to be introduced to the Parliament in 2018. Thus, there are reliable grounds to assume that the legislation regulating cryptocurrencies will be amended over the medium term. At the same time, the nature of the regulation is expected to remain unchanged after the new legislation is introduced.

Adequacy of Legal Regulation
The country has created adequate legal environment. Regulation is aimed at protecting investors and combating money laundering and terrorism financing. State bodies promote the cryptocurrency-related business and blockchain projects development.
Situation with the Rule of Law
Singapore has high indicators of the rule of law, ranking 13th in the world among 113 countries. The conditions of the legal regulation of blockchain and cryptocurrencies are rather favorable, and since the values of the sub-criterion of the rule of law are high (0.80), the amount of the difference between weighted (multiplied by Rule of Law Index score) and unweighted assessments are not significant. This indicates low risks associated with the general conditions of compliance with legal safeguards in Singapore.
Enabling Infrastructure Environment
9.70 points
Singapore is among the top 10 countries in the E-Government Development Index and takes the 8th place.

Singapore ranks second in the world in the WB's Doing Business rankings.