The Singapore government sandbox and the founder of Crypto Story Bank, Ivan Grinev, have agreed to collaborate. The promising and ambitious crypto bank CSB will establish a legal entity in Singapore and begin serving entrepreneurs in the country.
Crypto Story Bank is a pioneer in its sector, offering users the ability to conduct all familiar cryptocurrency operations without converting to fiat in one convenient application. CSB operates in 40 networks and combines investment, storage, and cryptocurrency transfer tools, a social network, payment cards, credit products, as well as convenient business solutions. Currently, Crypto Story Bank is conducting a round of selling a portion of its holding company to scale its business, aiming to raise $8 million.
CSB already holds all necessary licenses to operate within the European Union and is now expanding its geographical presence by registering a legal entity in Singapore. CSB's founder, Ivan Grinev, emphasizes that his company has all the legal foundations to commence operations in this country.
Cryptocurrency Taxes for Businesses in Singapore
Singapore is one of the world's financial centers, and the city-state's government sees potential in supporting blockchain projects. Singapore is preparing for the implementation of decentralized finance as it plans to tokenize its economy from 2030 onwards.
Cryptocurrencies have long been recognized in Singapore. In 2014, the Inland Revenue Authority of Singapore (IRAS) classified Bitcoin as a commodity, and in 2020, the Monetary Authority of Singapore (MAS) made amendments to the legislation. Cryptocurrency in Singapore is now defined as a Digital Payment Token (DPT).
All digital asset transactions in Singapore are regulated by the Monetary Authority of Singapore (MAS), while the Inland Revenue Authority of Singapore (IRAS) handles taxation, setting mandatory fees for cryptocurrency transactions, determining the payment process, and providing tax-related clarifications. IRAS has previously adapted regulations in this area. For example, the previous regulatory document, in effect until January 1, 2020, imposed double taxation when purchasing tokens and using them as a means of payment, i.e., when exchanging them for other goods. Now, double taxation has been abolished.
There are two types of taxes on cryptocurrency in Singapore: Goods and Services Tax (GST) at a rate of 7% and Corporate Income Tax at a rate of 17% of the transaction amount. In cases where cryptocurrency is used as a medium of exchange, users are exempt from GST. Corporate income tax applies to companies for which cryptocurrency trading is their main activity. Companies engaged in cryptocurrency mining or exchanging coins for fiat money are also required to pay corporate income tax.
Singapore's legislation is flexible and reflects market requirements as regulators regularly make changes to align with contemporary realities and provide all necessary clarifications.
In 2020, IRAS clarified several provisions:
- Companies are exempt from corporate income tax on tokens received for free and coins resulting from hard forks.
- If an organization deals with cryptocurrency and pays dividends abroad, corporate income tax is not levied.
- Different types of tokens (payment, utility, securities) have received new definitions and tax treatment.
- These legislative changes are linked to the increased interest of Singaporean citizens in cryptocurrencies.
CSB Offers POS Terminals for Businesses
Crypto Story Bank integrates two types of cryptocurrency terminals designed for businesses. Owners of physical stores can utilize the Terminal mobile application, while websites can integrate online payment solutions. Owners of CSB's POS terminals receive free corporate services during the initial months after the launch. Only the CEO of the company can register it. A modern POS terminal or any smartphone can serve as a crypto-terminal. All deduction, refund, and collection operations are carried out through such a POS terminal.
About Crypto Story Bank
Crypto Story Bank is a startup founded in 2022 by entrepreneur Ivan Grinev. The project aims to create a secure and convenient platform for using cryptocurrencies in everyday life. Crypto Story Bank offers all the necessary products for investments, fund storage, and obtaining loans. The developed CSB ecosystem allows customers to access any required information within the application.
Ivan Grinev highlights that CSB combines traditional banking with popular financial mechanisms and the latest developments characteristic of cryptocurrency operations and investments. The project is actively growing and has branches in the European Union, UAE, Seychelles, Canada, and South America.
Currently, legal entities can integrate CSB's POS terminal into their websites and accept cryptocurrency payments. The Crypto Story Bank application is in the final stages of development, with a full release planned for the end of 2023.
