Singapore has seen a surge in crypto ownership since early 2024, with a recent report indicating that at least 26% of the country’s adult population holds digital assets. That’s quite impressive when compared to the United States, where 19% of people aged 18 and above own crypto.
Are you in Singapore and looking to acquire your first Bitcoin? If so, read our guide to learn the purchasing process and crypto regulations in this Asian nation.
Is BTC Legal in Singapore?
While Singapore doesn’t recognize Bitcoin as a legal lender, it allows citizens to invest in it. The Southeast Asian country also adopts favorable crypto rules, thus encouraging industry players to set up shops to enable easy and safe access to digital assets.
How to Acquire Bitcoin on Centralized Exchange (CEX) in Singapore
Many prefer to purchase BTC on centralized exchanges (CEXs) since these platforms offer a convinient way to access crypto. Several CEXs operate in Singapore, including the top two based on trading volume, Binance and Coinbase.
Here are the steps for buying BTC in a CEX as a Singapore resident.
1. Create an exchange account: Download the mobile app of your preferred CEX and sign up by providing the required details. Also, verify your identity by uploading proof of residence and a government-issued ID.
2. Select a payment method: After your account has been verified, choose the payment method you would like to use to buy Bitcoin. The most popular include bank transfers and debit/credit cards.
Also read:3. Acquire Bitcoin: Find the ‘Buy’ or ‘Trade’ button within the centralized exchange and select Bitcoin. Next, choose your preferred method of payment and specify the amount of fiat you want to convert to BTC. After that, confirm the transaction details, and if satisfied, press ‘Buy’ to complete your Bitcoin purchase.
Once the transaction is processed, your BTC will be available in your CEX account. You can then transfer it to a non-custodial wallet.
How to Purchase Bitcoin in a Non-Custodial Wallet in Singapore
If you are conversant with operating a non-custodial wallet, then you don’t need a centralized exchange to buy Bitcoin. Instead, you can purchase the coin inside the wallet. For the purpose of this guide, we’ll demonstrate how to acquire BTC using Trust Wallet.
1. Download Trust Wallet and register an account: You can get Trust Wallet from the App Store or Play Store. Upon downloading it, create an account and keep the generated seed phrase safe.
2. Set up your preferred payment method: Trust Wallet supports multiple payment methods for buying crypto, including debit cards, bank transfers, and mobile payments. So, select your ideal method, then proceed to purchase BTC.
3. Buy Bitcoin: Press ‘Buy’ to initiate your BTC purchase. After choosing Bitcoin as the asset you want to buy, enter the fiat amount you wish to spend and review the transaction. Next, click ‘Confirm’ and wait for the transaction to complete.
How to Purchase Bitcoin on Decentralized Exchange (DEX) in Singapore
Like most cryptocurrencies, Bitcoin is listed on decentralized exchanges. However, it is only available in a wrapped version (WBTC), which runs on other networks, like Ethereum and Tron.
Here is how you can buy an Ethereum-based WBTC on the Uniswap DEX while in Singapore.
1. Set up a Web3 wallet: You need a non-custodial wallet that supports the Ethereum network to buy WBTC. Besides Trust Wallet, you can consider alternatives like Phantom and MetaMask.
2. Connect the wallet to Uniswap: After setting up your Ethereum-compatible wallet, go to Uniswap.org and connect it to the DEX by tapping the ‘Connect’ button.
3. Add ETH to your Wallet: You need ETH to purchase WBTC and pay for gas fees. You can deposit the funds from your exchange account using the ‘Deposit’ feature.
4. Swap ETH for WBTC: On Uniswap, click ‘Trade,’ select ‘ETH’ in the ‘Sell’ box and ‘WBTC’ in the ‘Buy’ box. Next, specify the amount of ETH you want to spend on WBTC and confirm the transaction in your wallet.
Your WBTC will be deposited in your non-custodial wallet within a few minutes.
Conclusion
Accessing Bitcoin in Singapore is easy. However, before buying the coin, keep in mind that it is volatile and could cause you to lose all your money. So, invest what you don’t mind losing.
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