Summary: Singapore's cryptocurrency sector thrives under the robust regulatory guidance of the Monetary Authority of Singapore (MAS), offering a secure and efficient trading environment. Investors and traders benefit from various payment methods, including bank transfers and local online banking, facilitating smooth SGD transactions. This enhances the ease of purchasing, staking, and trading cryptocurrencies in a regulated market.
After thorough research, our team identified the top 5 trading platforms in Singapore, each with unique features for cryptocurrency enthusiasts. These platforms include:
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Best Cryptocurrency Exchanges Singapore
In an in-depth analysis of over 20 cryptocurrency exchanges, our team has pinpointed the top five platforms for Singapore investors. Our criteria included adherence to the Monetary Authority of Singapore (MAS) regulations, cryptocurrency variety, user interface, SGD transaction options, and fee structure. This guide is a key resource for Singaporean investors to align their cryptocurrency engagements with their investment objectives.
1. Independent Reserve
Recognized as Singapore's top cryptocurrency exchange, Independent Reserve is a licensed and secure platform that has been operational since 2013. It provides access to over 20 leading cryptocurrencies, offering low fees, significant liquidity, and the convenience of SGD deposits via FAST bank transfers. Key features include efficient trading, institutional support, a scalable fee structure (starting at 0.5% per trade), robust API and integrations, and expert support.
Independent Reserve is distinguished as the first crypto exchange licensed by the Monetary Authority of Singapore (MAS), showcasing its commitment to stringent corporate governance and risk management. The platform undergoes annual financial audits by independent external auditors and upholds international security standards, including ISO 27001 certification.
- Fees: Starting at a 0.5% trading fee with volume-based discounts. Deposits and withdrawals are free for amounts exceeding SG$1,000.
- Supported Assets: Over 20 cryptocurrencies, including BTC, ETH, SOL, USDT, and USDC.
- Regulation & Licensing: Holds a Payment Services Act (Singapore) license, No: PS20200517.
- SGD Deposit Methods: FAST/MEPS Bank Transfer & Bank Wire.
Coinhako presents itself as a compelling choice for retail investors, especially those interested in a broad array of altcoins. This platform, similar to Independent Reserve, operates under the Payment Services Act of Singapore and boasts ISO 27001 certification, assuring a high level of security and user trust. Its standout feature is the Superwallet, designed to simplify the storage, transaction, and trading of over 100 cryptocurrencies.
The platform also enhances user experience through a loyalty rewards program and offers versatile payment options, including PayNow, FAST bank transfers, and credit card payments via Visa and Mastercard. Established in 2014, Coinhako has built a reputation as a reliable and accessible option for buying, selling, and swapping cryptocurrencies in Singapore.
- Fees: A straightforward 1% trading fee. Free deposits and withdrawals for SGD transactions.
- Supported Assets: Extensive range of 100+ cryptocurrencies.
- Regulation & Licensing: Holds a Payment Services Act (Singapore) license, No: PS20200556.
- SGD Deposit Methods: Includes PayNow, FAST Bank Transfers, VISA/MasterCard, and GrabPay.
Gemini stands out in Singapore for its unwavering commitment to trust, security, and transparent financial practices. With SOC 1 Type 2 and SOC 2 Type 2 compliance, Gemini meets stringent security and data protection standards. Its operation under the strict oversight of the Monetary Authority of Singapore (MAS) further reinforces its credibility. The exchange boasts a sophisticated storage system engineered by top-tier security professionals.
Gemini's offering includes over 100 cryptocurrencies for trading and staking, appealing to various users. Additionally, it owns Nifty Gateway, a leading NFT marketplace, facilitating easy acquisition, sale, and storage of non-fungible tokens. The platform’s comprehensive suite, featuring a mobile app, exchange, active trader platform, wallet, clearing solution, and regulated stablecoin, underscores its dedication to security, compliance, and investor protection.
- Fees: Fixed 1.49% trading fee. No charges for SGD deposits & withdrawals.
- Supported Assets: Over 100 Cryptos.
- Regulation & Licensing: Licensed under Singapore's Payment Services Act.
- SGD Deposit Methods: FAST Bank Transfers, VISA/MasterCard, Bank Wire.
Crypto.com has established itself as a leading cryptocurrency platform in Singapore, trusted by over 80 million users globally. The platform is recognized for its commitment to regulatory compliance and provides industry-leading custodial insurance and audited proofs-of-reserves. It stands out for offering Singaporean investors a vast selection of over 250 cryptocurrencies to buy, sell, and trade.
The platform features a distinctive Crypto.com Visa Card, a metal card offering up to 5% cashback on spending without annual fees, with both fiat and crypto top-up options. Additionally, Crypto Earn enables users to gain yields on 21+ cryptocurrencies and stablecoins. Crypto.com's ethos of integrating cryptocurrency into daily life, combined with its emphasis on security, compliance, and user experience, ranks it highly in Singapore.
- Fees: Standard 0.6% trading fee; free SGD deposits and withdrawals.
- Supported Assets: Over 250 Cryptos.
- Regulation & Licensing: Awaiting a Major Payment Institution License from MAS.
- SGD Deposit Methods: FAST Bank Transfers, Debit/Credit Cards.
Luno stands out as an ideal exchange for beginners in Singapore, thanks to its intuitive and straightforward mobile app. This app facilitates quick and secure transactions in cryptocurrency trading. Luno's commitment to security is evident in its multi-signature wallets, which are fortified with multiple layers of encryption. Audits confirm that over 95% of Luno’s assets are stored in cold wallets, significantly minimizing the risk of hacks and other security breaches.
In addition to its robust security measures, Luno keeps its users informed with the latest cryptocurrency news and market trends through its Explore section. The platform's Price Alert feature is particularly beneficial for users to stay abreast of significant market movements. Luno’s user-friendly interface, combined with its strong emphasis on security, positions it as a top choice for newcomers to the cryptocurrency scene in Singapore.
- Fees: Reasonable 0.75% flat trading fee; no charges for SGD deposits and withdrawals.
- Supported Assets: A selection of 10 cryptocurrencies including BTC, ETH, XRP, SOL, ADA, LINK, UNI, LTC, BCH, and USDC.
- Regulation & Licensing: Luno Singapore has received in-principle approval from the Monetary Authority of Singapore.
- SGD Deposit Methods: FAST Bank Transfers and StraitsX Transfers.
Is Crypto Legal in Singapore?
Yes, cryptocurrency is legally recognized and regulated in Singapore. The Monetary Authority of Singapore (MAS) oversees cryptocurrency operations, emphasizing compliance with anti-money laundering and counter-terrorist financing standards. As part of its regulatory framework, MAS mandates cryptocurrency intermediaries to adhere to stringent rules and obtain necessary licenses under the Payment Services Act. Additionally, MAS provides guidelines on how cryptocurrency transactions might be taxed, depending on their nature and purpose, ensuring a clear and structured approach to crypto trading and investment in the country.
In January 2020, MAS introduced the crypto travel rule, a significant regulatory measure aimed at enhancing transparency in cryptocurrency transactions. This rule, detailed in Notice PSN02, requires Virtual Asset Service Providers (VASPs) to adhere to specific information-sharing protocols for all transactions, with more comprehensive requirements for transfers above SGD 1,500.
The travel rule serves as an integral part of Singapore's strategy to curb money laundering and terrorism financing in the crypto sector, reflecting the country's proactive stance in creating a secure and compliant digital asset environment.
How is Crypto Taxed by IRAS?
In Singapore, there's no capital gains tax on cryptocurrency, which benefits both individual investors and businesses. The Inland Revenue Authority of Singapore (IRAS) typically exempts individual crypto gains from income tax unless derived from professional trading or as payment for services. This tax framework makes Singapore a preferred location for crypto exchanges.
For business-related crypto activities like trading or mining, such gains are taxable as income. However, long-term crypto investments by individuals are not subject to capital gains tax. While the standard goods and services tax (GST) is exempt on crypto transactions, it applies to transaction fees on exchanges. In cases of crypto staking and lending yielding over SGD 300 annually, such earnings are taxable. IRAS provides clear guidelines for reporting these incomes.
To conclude, Singapore's cryptocurrency market is distinguished by its robust selection of exchanges that excel in regulatory compliance, offering a diverse range of cryptocurrencies, and ensuring a user-friendly experience. Our extensive review has identified Independent Reserve, Coinhako, Gemini, Crypto.com, and Luno as the leading exchanges in Singapore. These platforms are notable for their alignment with the Monetary Authority of Singapore's regulations, providing a secure and varied trading ecosystem.