SUBSCRIBERS

Singapore: No two-bit Bitcoin country

Cryptocurrency unregulated so far here but watchful inflection has crept into authorities' tone

Published Fri, Feb 28, 2014 · 10:00 PM

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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes