Table of Contents
How to buy Bitcoin in Singapore
The process of buying Bitcoin in Singapore can be confusing for new investors because you cannot get exposure to real Bitcoin or crypto through traditional financial markets.
Instead, Bitcoin investors in Singapore will need to find a trusted cryptocurrency exchange in the country to register with and deposit Singaporean Dollars.
The guide below is a quick 5 step summary of how to buy Crypto in Singapore using Independent Reserve who are licensed under the Monetary Authority of Singapore (MAS).
- Visit the registration page on Independent Reserve.
- Create your account and verify your personal information for KYC/AML compliance
- Deposit Singapore Dollars onto the platfrom via bank wire of Xfers.
- Select the 'trade' button at the top of the screen
- Input the amount of SGD you want to use and you're ready to buy.
Buy Bitcoin OTC Singapore
Over-the-Counter Bitcoin refers to a private trading desk that offers personalised services for institutional and high net worth investors to fill very large orders of Bitcoin seamlessly.
Potential investors of Bitcoin may look to buy Bitcoin through an OTC desk over a typical exchange because their orders are submitted privately and will not disrupt the open market. If you are looking to buy Bitcoin OTC, we would recommend Independent Reserve as the best OTC desk to buy Bitcoin with Singapore Dollars (SGD), US Dollars (USD) or Australian Dollars (AUD).
Is Buying Bitcoin Legal in Singapore?
Singapore has been renowned for its status as a global hub for finance and technology, so it comes as no surprise to see the countries officials take rapid steps to help bolster the adoption of Bitcoin and cryptocurrencies in the nation. Similar to many other countries, Bitcoin is not considered as legal tender in Singapore, however cryptocurrency and Bitcoin exchanges are are required to register with The Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore (MAS) is Singapores key financial services regulatory body and has clarified that there is no real need to regulate Bitcoin and cryptocurrencies yet, however has warned investors in Singapore about the potential risks underpinning digital assets. MAS have worked to put in a framework for money laundering and counter terrorism financing like many other financial regulators around the world. This means major institutions like DBS Bank will allow you to buy and sell crypto through regulated exchanges.
In terms of regulations for cryptocurrency exchanges, all they need to comply with at the current time is MAS' anti money laundering and counter terrorism financing frameworks. These regulations are put in place to keep an eye on the risks underlying Bitcoin as a payment system.
Bitcoin Price (SGD)
The chart below represents the live price of Bitcoin in Singapore Dollars (SGD)