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How to buy Sandbox in Singapore
Is SAND a good investment in Singapore?
The SAND token was released in August 2020 with an initial price of $0.065. In 2021, it slowly started to grow and set a record for its highest price in the same year and mounted to $7.49 per token in August 2021. After that, it faced many ups and downs until it fell to $0.73 in June 2022 and ended the year with a value of $0.44.
The history of the SAND token shows it could be a good investment if you buy it at the right time. But how to find out if it is the right time to invest in this token? There is no exact rule that can tell you investing in SAND crypto will be profitable to you because the cryptocurrency world is volatile, and nothing is predictable. But analysts and crypto experts can give you hints about the possible future of this coin. Most of them believe that the SAND price might go up to $2.52 by 2025 and would reach $4 by 2030. However, you should still know that these are just predictions. Just check SAND’s price of the day and read more reviews about its future, then decide on buying SAND tokens as an investment.
What is Sandbox ?
The Sandbox is a gaming company launched in 2011. It upgraded several times and turned into a decentralized platform based on blockchain. The main goal of this platform is to mix blockchain and the gaming world so people can earn tokens in the metaverse gaming ecosystem. Users can create, own, or sell their gaming experiences or assets using SAND tokens. Furthermore, different gaming models are available on the Sandbox; by using the play-to-earn model, they can earn SAND tokens on this platform. The other option that the Sandbox platform has is free games. Therefore, people can only play games on this platform or unlock the advanced games using their SAND tokens.
Learn more on SAND official website.
Is Sandbox 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 Sandbox 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 Sandbox in Singapore
The SAND coin is a governance token. Therefore, the main use of this token is on its own network. The SAND holders can use their coins to decide on various projects, upgrade the network, or change regulations. Therefore, this coin is their power on the Sandbox platform. It even gets more powerful for gamers. They can use their tokens to buy or create something on the Metaverse. Then, they even can sell or tokenize their assets on this world and earn money, which is paid with the SAND tokens. Therefore, they can have fun by playing games; at the same time, start a business and earn money.
You can also hold the SAND coin in a secure wallet and keep it as an investment. It is required for you to read its whitepaper, follow top investors on social media, and read every news about this crypto. Knowing the SAND price prediction can also help you decide if you want to have a short-term or long-term investment. However, it’s all up to you to decide when to buy and when to sell your coins but always keep an eye on the crypto market to not miss the right time to sell. Furthermore, if you are a beginner in this world, it is better to start with limited capital. Thus, if your investment doesn’t go as well as you thought, you don’t lose much money.
Who can buy Sandbox 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
SAND tokens are available on most exchanges. You may have to pay extra money as the processing fee on most of them. That’s why we recommend you purchase the SAND coins on the BlockTrade exchange, which doesn’t have any processing fee, and is one of the cheapest and the most secure exchanges to buy crypto.
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).
Since the Sandbox platform is used by gamers, it would still be in use in future because people love gaming. On the other hand, the cryptocurrency world is growing each day, which shows that the SAND coin might still be on the market in the following decade.
It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.
Not only can you keep the SAND tokens as an investment, but also you can use your coins to tokenize your gaming assets and sell them to other players. Therefore, you can earn more coins.