Singapore experienced rapid growth in cryptocurrency trade after the Monetary Authority of Singapore (MAS) confirmed that all regulated entities can accept trading cryptocurrency on its platform. The fact that cryptocurrencies are now accepted for business transactions by MAS has opened up a whole new world for people around the world looking to invest in cryptocurrencies.
So What is Cryptocurrency?
Cryptocurrencies are decentralized methods of making online transactions. It is a digital currency that uses encryption techniques to verify the transfer of funds.
Cryptocurrencies are not tied to any banks or governments, and therefore, their value is subject to market forces. In addition, cryptocurrencies have no physical form, which means they cannot be stored in a bank account. However, unlike most currencies that you physically cash out with vendors or at banks for payment for goods and services; cryptocurrencies are purchased as units called tokens and transferred between accounts maintained by users on cryptocurrency exchanges.
What are Cryptocurrency Benefits?
1. No Country Restriction
Cryptocurrencies are decentralized, which means there are no intermediaries that control the buying and selling of cryptocurrencies. In other words, no one country has the ability to prevent you from using a cryptocurrency.
2.No Bank Restriction
You don’t need to link any bank accounts or credit cards to purchase cryptocurrency tokens on exchange platforms. This is another factor that makes cryptocurrencies easy to use as a form of payment.
3. No Centralized Exchanges
A major benefit of using cryptocurrencies as a payment method is that you have to have a computer and an internet connection to get started. There are very few centralized exchanges that provide access to cryptocurrencies for users, which means that for people in emerging markets, it is possible to buy cryptocurrency tokens even if they do not have a bank account or credit cards.
In addition, because cryptocurrency transactions are anonymous, there is no way for governments or central banks to control the use of cryptocurrencies.
4. No Exchange Restriction
Cryptocurrency trading exchanges are mostly anonymous, which means that you don’t have to provide any personal information to purchase or sell cryptocurrencies.
5. No Double Spending
One of the most robust advantages of using cryptocurrencies is that there is no requirement to have a deposit account where individuals can place their funds before they invest or send money. Unlike banks, cryptocurrency transfers are done instantly and without intermediaries.
In the end, the great thing about using cryptocurrency is that it does not require a driver’s license or passport to access funds. Cryptocurrency transactions are done using tools that are usually associated with financial institutions such as credit cards, debit cards, and bank accounts.
Why is Singapore Interested in Cryptocurrencies?
There are several reasons why Singapore has been taking steps to make it easier for people to work with cryptocurrencies. For instance, the country has seen an increase in demand for the use of cryptocurrency technology and its advantages. Singapore has also recognized that cryptocurrencies can serve as a reliable form of payment around the world, thereby creating a gateway to doing business in other regions where restrictions are still present.
The benefits being offered by cryptocurrencies have attracted a lot of investors and businesses to Singapore. In addition, there is an increasing number of people who are reaching out to Singapore and expressing their desire to start working with cryptocurrencies because they have seen the positive financial impact that they have been having.
Where to Get started?
If you are looking to start using cryptocurrencies, you have a lot of options in Singapore. For instance, there are several exchanges that have been created by local entrepreneurs who want to provide access to cryptocurrencies for people across the world.
There are also a couple of different types of currencies that you can choose from when using an exchange platform in Singapore. One of the World’s leading digital asset exchanges, Fameex, has listed more than 50 different cryptocurrencies for customers to use for trading. In addition, fameex. offers a zero-fee platform and some of the best customer support in the market.
Fameex also provides access to digital currencies for customers around the world via its website and mobile app.
