Looking for the best crypto exchange Singaporeans can use? Look no further! Since Singapore has emerged as a popular destination for cryptocurrency trading, there are numerous exchanges available for investors to choose from.
To make things easier, though, I've narrowed down the top crypto exchanges in Singapore, such as Kraken, KuCoin, and Coinbase, among others. The selected exchanges provide a huge variety of digital assets and features, competitive fees, and high liquidity, as well as prioritize user security and regulatory compliance.
Speaking of regulatory compliance, before looking into each crypto exchange in more detail, I'll also go over the crypto regulations in Singapore and the main points that make an exchange worth being considered one of the best crypto exchanges in Singapore.
Though, if you want to go straight to the point, here's the list of the platforms that will be discussed in this article:
I'm sure that once you go over this list, you'll find the perfect crypto exchange for you. So, without further ado, let's get started!
What Are Singapore Crypto Regulations?
To understand what it takes for an exchange to be named one of the best crypto exchanges Singaporeans can use, it is important to first review the local laws governing cryptocurrencies.
Overall, Singapore is a popular destination for cryptocurrency traders due to its crypto-friendly regulations and progressive outlook on digital assets.
The country has taken steps to encourage the growth of the industry, such as introducing a regulatory sandbox for fintech companies and exempting certain cryptocurrencies from the Goods and Services Tax.
As a result, many top cryptocurrency exchanges have established a presence in Singapore, making it a hub for crypto trading in Southeast Asia.
Crypto exchange services in Singapore are not only legal but also regulated by the Monetary Authority of Singapore (MAS). MAS is the central bank and financial regulator in Singapore, and it sets the guidelines for cryptocurrency exchanges to operate in a compliant and safe manner.
To comply with MAS guidelines, crypto exchanges in Singapore must employ Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. These measures ensure that all investors are properly identified and verified, and that their transactions are monitored to prevent illicit activities.
This crypto exchange regulation in Singapore makes the country an attractive destination for crypto investors looking for a secure and regulated environment to buy and trade digital assets.
MAS also requires every platform to provide a risk warning to its customers. Do note, though, that instead of crypto exchanges, Singaporeans refer to these platforms as digital payment token (DPT) service providers.
Comparing other crypto exchange environments to Singapore's, you'll surely notice some differences. One of those is that cryptocurrencies are classified as property and can be legally purchased from crypto exchanges, ATMs, and even some institutions in Singapore.
Besides, keep in mind that cryptocurrency trading is subject to taxes in Singapore. Gains made that way, due to the Singapore crypto regulation, are considered taxable income and must be reported on tax returns.
Now, another question that might arise is, "How to know whether an exchange is the best crypto exchange Singaporeans can access?"
Best Crypto Exchange (Singapore): Evaluation Criteria
Before we dive into the best crypto exchanges Singapore and their features, let’s take a step back and look over the criteria that should be considered before choosing the best option for you:
✓ SGD Support. Singapore dollar (SGD) support is a significant advantage when choosing an exchange to use in Singapore. While it is not necessarily a must, SGD compatibility can greatly benefit your trading experience. After all, most prominent exchanges allow users to buy crypto using fiat. So, if you're a Singaporean, it's only natural that you'll want to use SGD to do that.
✓ Regulatory Compliance. As discussed in the previous chapter, there are serious regulations and guidelines crypto exchanges in Singapore must abide by. Thus, compliance with MAS regulations is a decisive factor when searching for the best cryptocurrency exchange in Singapore. You do want to have a secure and smooth crypto trading experience, don't you?
✓ Supported features. The services and features offered by a crypto exchange are obviously one of the main points you should consider, especially if you're looking for a more niche feature, which is not spot trading.
However, some crypto exchanges might not offer the same services for different countries. Imagine finding a feature that is a make-or-break for your trading experience, just to find that it is not supported in your region. To prevent that, all features that will be discussed in this article are available in Singapore, unless mentioned otherwise.
✓ Supported cryptocurrencies. Apart from feature support, you should also look into crypto asset support before choosing an exchange. While most exchanges support popular crypto assets like Bitcoin, Ethereum or Litecoin, not all exchanges support the less-known ones.
Thus, always check out if you'll be able to trade the crypto you desire on the exchange in question. Though, generally speaking, note that the greater number of cryptocurrencies an exchange supports, the better option it is.
Keeping all that in mind, it's time to proceed with this list of the best crypto exchanges in Singapore.