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Learn More about buying CHZ in Singapore
How to buy Chiliz in Singapore
Is CHZ a good investment in Singapore?
CHZ coins were released to the market in 2018. But it didn’t have any price until July 2019, when it started to become more popular among sports fans. The initial price of CHZ was $0.02, and it didn’t change for one year. Then it had a price jump in 2021 and suddenly reached its highest value of $0.89. The rest of the year passed with an average price of $0.50. Like most cryptocurrencies, 2022 wasn’t that much great for CHZ owners. Its price fluctuated a lot, but never reached that high to set a record. It ended the year with a price of $0.10.
Cryptocurrency investors often want to know what the cryptocurrency's future holds. But the future is unpredictable, especially in the volatile world of cryptocurrencies. However, to make it easier to decide about buying a coin, analysts and crypto experts analyze the past and current situation of the crypto market and give price predictions, which can be useful but should not be the only factor you pick to decide on buying crypto. They think the CHZ price might finally get higher than $1 by 2028 and would rise as high as $3 by 2030.
What is Chiliz ?
Chiliz is the world's first cryptocurrency dedicated to sports fans. Socios is the platform that works with this cryptocurrency. Sports clubs can create Fan Tokens on this platform, and their fans can buy tokens with their favorite sports club's logo to show their support. They also can trade the tokens with others. The Fan Tokens show interest in a particular sports team, especially football clubs. The platform was launched in December 2019. The first sports partner to this platform was the Italian soccer team of Turin.
Check out Chiliz official website for more information.
Is Chiliz 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 Chiliz 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 Chiliz in Singapore
CHZ is used on the Socios platform by sports fans. They usually use this token to purchase NFTs, which are the particular token with their famous sports team logo. They can play a role in the decisions of their favorite team by voting on different polls. The more sports team participate in this platform; the higher the value of its digital asset may be. Furthermore, you should transfer your coins to your account in the Socios platform to be able to use them for the mentioned operations.
The other option you have after buying CHZ is to keep it as an investment, which is a risky job. Because no one can guarantee that Chiliz is a good investment or may have a higher value in the future. Therefore, you should check different factors, read the analyses about this coin, then decide on buying it. Furthermore, as a beginner, it is always recommended to start with a limited amount of money and have an exit point for your investment to reduce the risk of loss.
Who can buy Chiliz 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
You can find several exchanges that accept CHZ tokens. However, you should know that most exchanges receive an extra expense as the processing fee on their platform. If you want to find a more cost-effective exchange, you can buy CHZ from the Blocktrade exchange with zero processing fee.
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).
Alexandre Dreyfus is the founder and CEO of Chiliz. He has 20 years of experience in developing different web-based companies.
It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.
CHZ is a cryptocurrency that lets its holders purchase NFT tokens that are created by their favorite sports team.