Singapore: No two-bit Bitcoin country
Cryptocurrency unregulated so far here but watchful inflection has crept into authorities' tone
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Singapore
THE Silk Road of Bitcoin fame might be under duress but all other Bitcoin roads seem to lead to Singapore. Even as Tokyo-based Bitcoin exchange Mt.Gox filed for bankruptcy protection yesterday, Bitcoin money and players have been beating a path to Singapore, seeking sanctuary in its tax laws and Bitcoin-friendly stance.
Singapore-based exchange, itBit, for example, saw trading volumes surge to 10 times their normal volume over the past few days, as a flight to safety ensued. The value of transactions spiked earlier this week to more than $1 million, before settling at $500,000 daily later in the week.
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