Published 1 day ago
Unless you’ve been living under a rock, you’ve probably heard of ‘magic internet money’ by now. AKA crypto.
As crypto continues to gain popularity and disrupt the financial world, like many others in Singapore, you may be wondering how to get your hands on it.
This guide will help you get the ball rolling.
But before that, if you still think crypto is a Ponzi scheme, you might want to read this first. 🤖
Is crypto legal in Singapore?
It’s important to note that cryptocurrency in Singapore is legal as an asset, but not recognised as legal tender.
Under the Currency Act 1967, only currency notes and coins issued by the Monetary Authority of Singapore (MAS) are legal tender in Singapore.
Since cryptocurrency is classed as property, they can be legally bought in Singapore.
Read more about Singapore’s cryptocurrency regulations here.
How to buy crypto in Singapore
The good news is, what was once a hazy and confusing process that only hardcore crypto enthusiasts could understand has now become a simple and straightforward process that anyone can figure out.
There are many cryptocurrency exchanges available in Singapore, each with its own unique features and varying fees.
Simply register an account with the exchange of your choice and complete the Know Your Customer process (KYC). This is a mandatory step that banks and financial institutions use to verify the identity of customers to prevent illegal activities such as money laundering and fraud, as well as to protect the customer and client.
The KYC process will typically require documents such as your ID/passport, utility bill, and proof of residential address.
Next, you’ll need to fund your account. Depending on the exchange, some may accept credit cards, debit cards, and/or bank transfer.
Debit cards are usually the preferred method of payment because of its reasonable fees and instant deposit of funds. Speaking of which, your BigPay account comes with a free Visa debit card that’s accepted by 64 million merchants worldwide, making us a popular choice for funding your crypto wallet. 😉
Afterwards, choose your cryptocurrency and complete the payment. Remember to do your research first!
DBS Digital Exchange
As Singapore’s largest bank with more than 280 branches across 18 markets, DBS is a name that needs no introduction.
Only four cryptocurrencies are available for trading services, which are Bitcoin, Ethereum, Bitcoin Cash, and XRP, as well as four fiat currencies, which are SGD, USD, HKD, and JPY.
*Note — As of January 2022, Singapore no longer has any Bitcoin ATMs.
Can crypto be used for payment in Singapore?
Cryptocurrency is not legal tender in Singapore, therefore very few places accept crypto as a form of payment.
Here’s where we come in — Just top up your BigPay account with crypto to turn it into SGD and spend it through your BigPay card!
It’s accepted by more than 64 million merchants worldwide, so you can spend your crypto everywhere you go.
You can also use your BigPay card to withdraw your crypto in cash from overseas ATMs. However, you cannot withdraw cash in Singapore.
At the moment, the cryptocurrencies accepted for top-up are Bitcoin (BTC), Ethereum (ETC), USD Coin (USDC), and Tether (USDT), with plans to expand more accepted currencies in the near future!
Here’s 3 more reasons why you’ll love it:
1. It’s instant
Your money will be deposited in your BigPay account instantly
Transparency is the name of the game at BigPay. You’ll get the full display of fees and rates, all on one screen.
3. It’s cheaper
You won’t find it cheaper elsewhere!
Top up your BigPay with crypto!
Step 1: Open the BigPay app
Step 2: Tap ‘+’ next to your wallet balance
Step 3: Key in the amount you want to top up
Step 4: Under ‘Top up sources’, tap ‘Cryptocurrency’
Head on over to your BigPay app to top up with crypto now! 🤩
This document has been prepared for informational purposes only and does not constitute an offer or the solicitation of an offer to purchase or to sell any securities, products or services by BIGPAY. Although the information contained in this document has been compiled and obtained in good faith, it has not been independently verified and no representation or warranty, express or implied, is made and no responsibility is or will be accepted as to or in relation to the accuracy, reliability or completeness of any such information. Any information and opinions expressed herein may be subject to change without prior notice. BIGPAY will not be responsible for any consequences resulting from the use of this document as well as the reliance upon any opinion or statement contained herein or for any omission.This document is confidential and may not be reproduced (in whole or in part) nor summarised or distributed without the prior written permission of BIGPAY.BIGPAY. All rights reserved.
I’m Sabrina, a versatile writer with 7+ years of experience and I’ve been published by household names such as Tatler, Harper’s Bazaar, Mindvalley, and Cosme Japan.