Singapore: No two-bit Bitcoin country

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.

"We have built our platform to be able to scale significantly upwards from here so we have not had problems dealing with the increased activity," its chief executive, Rich Teo, said. itBit has six people in the Singapore office as well as offices in…