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How to buy Audius Coin in Singapore
Is AUDIO a good investment in Singapore?
Audius wants to alter the way that music artists are compensated for their work since, in the conventional, multi-billion dollar music business, only a tiny portion of the money goes to those who really create the music, without whom the industry would not even exist. This is one of the motives for the development of the Audius coin. Numerous factors may be used to explain why Audius is so essential. Audius uses on-chain analytics and continuous token issuance to more effectively direct AUDIO distribution to the users who are actively using the network. This, in turn, draws users and improves the platform's utility. Therefore, it seems like Audius would be good investment.
What is Audius Coin ?
With the aim of decentralizing a multi-billion dollar industry and rethinking how musicians and music composers are paid for their work, Audius is a cutting-edge new platform that has been presented to the music industry. A single Audius coin (Symbol: AUDIO) ensures that all network users are rewarded for their contributions to the Audius ecosystem and maintains the network's security through a unique approach. To usher in a new age of innovation for music streaming services is the initiative's primary goal.
Audius has a novel approach to the industry. It rewards network participants, like users and node operators, for their participation in staking, sharing music, and running the network. It also offers its users Audius coin in addition to its primary goal of enabling music creators to get paid instantly for their work through decentralized streaming services. This is in addition to the primary purpose of letting music producers get immediate payment for their masterpieces through decentralized streaming platforms.
Is Audius Coin legal to buy in Singapore
Yes. According to the Payment Services Amendment Bill by the Monetary Authority of Singapore (MAS), Digital payment tokens (DPT) or cryptocurrencies are not denominated in any currency but can be used as a form of payment. According to the Managing Director of the Monetary Authority of Singapore, cryptocurrencies can take the form of assets or items of value and can be legally managed through transactions.
Is Audius Coin taxed in Singapore
Yes and no. According to the E-Tax Guide by the Inland Revenue Authority of Singapore (IRAS), the Singaporean Government taxes crypto depending on the kind of activity that you are doing with the tokens. The profit made through crypto trading in the regular course of business would be subject to income tax. Because of this, any losses and gains you make must be recorded on an annual tax return so that you can report them to the Monetary Authority of Singapore (MAS).
But, according to the mentioned document by IRAS, since there are no capital gainsگ taxations in Singapore, capital gains obtained from the purchase of cryptocurrencies for long-term investment reasons are not subject to taxation in Singapore. In simple terms, if you buy cryptocurrency as a long-term investment and sell it with profit, you will probably be exempt from tax, but if you trade on a regular basis, you will be subject to Income Tax. For more information on individual tax rates visit IRAS.
After you've bought Audius Coin in Singapore
AUDIUS coin, the native coin of the network, serves as the main means of exchange for the platform's reward money. AUDIO may be traded on the live cryptocurrency market, and traders can benefit by figuring out the difference between the price at which they buy and the price at which they sell. All of these facts show that holding Audius coin could be a wise move in this industry since the platform’s users are increasing.
The Audius platform provides music listeners and music creators with the opportunity to experience special perks on the network, which positions it as a platform that musicians should prioritize using. If you keep the Audius coin in your wallet, you may take pleasure in listening to the music you like while also profiting from the appreciation in the value of AUDIO tokens as the price of those tokens rises.
Who can buy Audius Coin in Singapore
Anyone. In order to buy cryptocurrency in Singapore, you can buy crypto tokens from one of many crypto ATMs scattered across Singapore or use a cryptocurrency broker to buy and sell crypto assets. However, when it comes to convenience, your best option is to use a cryptocurrency exchange, which allows you to exchange fiat currencies to cryptocurrencies through various payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange could be your best choice since it offers payments through the mentioned services and secure transactions with zero exchange fee costs for transactions.
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Frequently asked questions
The Audius initiative is unique and has the power to change the music industry totally. The platform aims to introduce a new sector with a $13 billion annual market. On the other hand, celebrities like Katy Perry, NAS, and Jason Derulo announced that they are investing in the AUDIUS platform. It shows that Audius could bring a bright future for its stakeholders.
No. According to the E-Tax Guide by IRAS, if you use cryptocurrencies to pay for goods and services, the person who pays by cryptocurrency won’t be taxed but the business providing the goods or services will be taxed instead based on the value of the goods or services being provided. This is because cryptocurrencies are not the same as fiat currencies (meaning they aren't considered legal tender), and they are treated as intangible property for the purposes of income tax treatment. This might reduce the likelihood of businesses accepting your crypto tokens as a form of payment.
Yes. According to the E-Tax Guide by IRAS, crypto trading can be subject to income tax in Singapore, and in case you engage in crypto trading regularly, you should make a record of your transactions so that you can report them to the Monetary Authority of Singapore (MAS).
Roneil Rumburg and Forrest Browning are both computer scientists, and they are the professionals responsible for co-founding Audius. Roneil Rumburg is the main founder of the Audius platform. He was also an engineer at the KPCB Edge project.
It is estimated that over 550 thousand people, 9.40% of Singapore's total population, currently own cryptocurrency.
Ledger, Trezor, Trust Wallet, and Atomic Wallet are among the best wallets to keep your AUDIO coins safe.