Singapore Crypto Ownership Hits 16% Amid 0% Capital Gains Tax Attraction

Singapore remains a leading global hub for cryptocurrency trading, offering a 0% capital gains tax policy for individual investors, attracting significant interest in digital assets [1]. According to recent data, nearly 16% of Singaporeans hold crypto, placing the city-state sixth globally in crypto ownership among 22 countries [1]. While crypto is not considered legal tender in Singapore, it is classified as digital payment tokens (DPTs) and regulated by the Monetary Authority of Singapore (MAS) [1]. The regulatory framework mandates that all crypto exchanges comply with Know Your Customer (KYC) procedures and maintain transparency in user transactions.

Based on Similarweb data, the top six centralized crypto exchanges in Singapore by user traffic include Binance, OKX, Coinbase, Crypto.com, CoinHako, and Bitrue [1]. These platforms offer a variety of trading options, including spot, futures, and options, and vary in fee structures, security features, and supported fiat currencies. Binance, one of the largest exchanges globally, faces restrictions in Singapore after the MAS ordered it to cease providing payment services in the country [1]. Despite this, users can still access Binance without a VPN, though promotional activities are unavailable. The exchange offers tiered trading fees based on user volume and BNB holdings and maintains a 1:1 proof of reserves (PoR) with monthly audits for transparency [1].

OKX, previously known as OKEx, has received in-principle approval from MAS to operate in Singapore and offers competitive trading fees based on OKB holdings or asset levels [1]. The platform also maintains a 1:1 PoR and provides monthly reserve reports for 22 major cryptocurrencies [1]. Coinbase, a MAS-licensed exchange, is integrated with Singpass for easy onboarding and offers a vault feature for enhanced security [1]. Crypto.com supports over 350 cryptocurrencies and offers staking rewards while maintaining a 1:1 PoR and multi-factor authentication [1]. CoinHako, a local Singapore-based exchange, offers fiat and stablecoin trading with a simple reward system for trading discounts [1]. Bitrue, another local player, provides extensive trading pairs and an insurance fund to protect users in the event of a security breach [1].

Each exchange caters to different trader preferences, from fee structures to security measures. Binance, OKX, and Coinbase follow tiered fee models, while CoinHako offers flat fees with reward-based discounts. Security features such as 1:1 PoR, cold storage, and multi-factor authentication are widely adopted, though Bitrue currently lacks a proof of reserves but compensates with public wallet transparency [1]. Deposit methods also vary, with options including Visa, Mastercard, PayNow, FAST, and Grabpay.

Ultimately, the choice of exchange depends on individual trading strategies, preference for fees, and security considerations. Users are advised to maintain control over their private keys, as the collapse of FTX serves as a cautionary tale for the importance of self-custody [1]. Investors are encouraged to conduct due diligence to determine which platform best suits their needs.

Source: [1]title1.............................(https://www.coingecko.com/learn/best-crypto-exchanges-in-singapore)