"The country keeps investing in the latest technological innovations and truly has the potential to become fintech center of the world.
The IRAS (Inland Revenue Authority of Singapore) is one of the first regulatory bodies in the world to determine how digital currencies should be taxed."
Turn me sideways and call me suzy.
Singapore's idea of being the Fintech centre of the world is in knowing how to tax their citizens?!
Well effing done. It's this sort of money grubbing bullshit that spurs the invention of cryptocurrency.
I understand the need to cash in on this, but seriously, Singapore. Keep it on the low. At least look like you're backing up innovation for the greater good.
Let's see what we can find with a quick look on the internet.
Estonia well known as the birthplace of Skype, it now hosts a number of Bitcoin ATMs and Bitcoin startups. Estonia is well positioned to be a place where a cryptocurrency users can certainly feel welcome.
The Danish Central Bank declared Bitcoin not a currency, stating that it will not regulate its use in the country. Denmark is home to a number of Bitcoin startups and exchanges.
South Korea is quickly embracing Bitcoin both as an investment and means of exchange. Since there are no laws in the country regulating Bitcoin use, a number of related startups have sprung up as a result. People can also buy Bitcoins from 7-Eleven stores.
The Finnish Central Board of Taxes (CBT) regulator has classified Bitcoin as a financial service, exempting it and Bitcoin purchases from VAT. The country has a significant amount of Bitcoin ATMs given its sparse population.
While Australia’s major banks have been rather hostile towards Bitcoin, the country recently moved to remove double taxation* on Bitcoin, which came as good news to the local community and businesses; particularly after some Bitcoin startups chose to leave the country, in light of unfavorable taxation and reported bank account freezes.
* Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries.
Singapore, The Fintech Giant
While most nations around the world have little on the books for or against the use of Bitcoin and other cryptocurrencies – Singapore is one of the countries that has been at the forefront of the cryptocurrency regulations. The country keeps investing in the latest technological innovations and truly has the potential to become fintech center of the world.
The IRAS (Inland Revenue Authority of Singapore) is one of the first regulatory bodies in the world to determine how digital currencies should be taxed.
That is your pride and joy, Singapore? Calling yourself the center of fintech innovation by being the first to tax digital currency?
Come, I clap for you.
Have you freaking learned nothing? Crytocurrency was designed to by pass your money grubbing policies so that ideas and small business can flourish.
I understand the need to dip you fingers into the money pot, but you really need to do it with a little more finesse. Fire your PR person. Hire me.