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How to buy Tezos in Singapore
Is XTZ a good investment in Singapore?
Tezos has introduced itself as the first self-correcting platform among digital currencies. The Tezos smart contract platform is similar to Ethereum and allows the creation of decentralized applications, except that it uses a proof-of-stake consensus algorithm. In July 2017, Tezos was able to attract about 232 million dollars in initial coin offering (ICO), which made Tezos the second digital currency in the world of cryptocurrencies. The fame and popularity of Tezos digital currency made large companies such as PolyChain Capital show interest in investing in the native token of Tezos (XTZ). Finally, on June 30, 2018, the first test net of Tezos was released.
Participants or shareholders in the Tezos blockchain, can vote on the changes they want to achieve through a collective consensus on the proposed plans. Smart contracts can always be created using the Tezos platform. Through smart contracts, there will be no manipulations by a third party. In addition, Tezos is a platform to improve the safety of secure contracts, which means if this technology is widely used in the future, any costly and controversial bugs can be totally avoided.
What is Tezos ?
Tezos coin is the native token of Tezos blockchain. Tezos digital currency is known in the digital currency market with its own symbol XTZ. The symbol XTZ is generally used on exchanges in order to address Tezos currency.
Is Tezos 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 Tezos 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 Tezos in Singapore
The XTZ cryptocurrency can be used for holding, spending, sending, and baking (means signing and publishing blocks to the Tezos blockchain). It is essential to the up-keep and operation of the Tezos network. Users can vote on network upgrades by owning and baking XTZ, and each vote is based on the quantity of XTZ they bake.
XTZ is mainly used to interact with dApps, pay for fees, and secure the network. If the Tezos platform develops further, there will be more demand which may put XTZ in the position of a profitable event for investments as well.
Who can buy Tezos 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
Tezos has the characteristic of self-amendment. This is important because it can prevent society from becoming fragmented, stakeholder motivations changing, and network disruption over time. Due to the self-amendment feature of Tezos, the costs of updating its protocol and implementing innovations in the future are reduced. This can increase the further growth and development of this digital currency in the future and at the same time, it has attracted the attention of many people currently.
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).
There is no established minimum amount assigned for purchasing Tezos. Through our exchange, you can begin buying Tezos for a minimum of $10 using the payment method of your choice. The transaction will be processed and added to your collection of cryptocurrency assets.
It is estimated that over 550 thousand people, 9.40% of Singapore's total population, currently own cryptocurrency.
In order to keep your Tezos investment secure, you can either use cold storage wallets, which are typically encrypted devices that store Tezos users' assets offline and add an extra layer of security against the constantly changing risks associated with being online. Or, you could keep your XTZ cryptocurrency tokens in online wallets. Additionally, you can use the wallet provided by our exchange, which makes trading Tezos much simpler because it can quickly connect to a number of protocols.