Tembusu Terminals Take $300k Funding, $5 million valuation (sgd), (this is asia’s first bitcoin atm)

They really like the scribd press releases Tembusu Terminals is the first Asian Bitcoin ATM launched, and as gravy on top also a Singapore made and designed ATM. (Press Release 11 March 2014) Tembusu Terminals closes million valuation seed round in record time. Tembusu Terminals is proud to announce that they have closed their seed funding round in record time after being valued at over million Singapore Dollars. The seed funding raised amount to over 300,000 Singapore Dollars, and will form the bulk of the working capital required for the fledgling…
Continue Reading »

Britain Scraps Bitcoin Tax, will Singapore follow suit?

Britain’s tax authority plans to ditch its levy on Bitcoin trading only days after the collapse of Mt Gox, one of the virtual currency’s leading exchanges, losing almost $500m of customer deposits. The UK’s welcoming approach to Bitcoin contrasts with the approach of other countries, amid concerns about its use for tax evasion and money laundering as well as its notoriety for wide fluctuations in value. More In a meeting with a group of UK traders last week, HM Revenue & Customs said it would not charge the…
Continue Reading »
[sc:cm]

What is Going on in China? Why is China gobbling up all the Bitcoins?

Open up fiatleak and let it run for a while, you will see everything is going to china Almost 97% of bitcoin activity in a 2 hour period had gone into China. Is this institutional and government activity in China? Will they be doing to Bitcoin what they did for Gold prices, taking it down so they can buy more at low prices in anticipation of the endgame? Mt Gox exchange shutdown sparks Chinese bitcoin gold rush Chinese investors rushed to buy bitcoin, seeing it as potentially undervalued,…
Continue Reading »

Singapore’s Bitcoin Derivative Exchange BTC.sx on Coindesk, brokered $35m (Asia Bitcoin)

Coindesk article on bitcoin derivatives It has brokered 35 million in transactions, leverage is at 10x margins Bitcoin derivatives Derivatives are instruments that allow investors to trade in something indirectly. As the name implies, they are “derived” units of value. As such, derivatives are predicated on the idea that you can manipulate your position towards a security (eg a stock, a bond – or a bitcoin). Singapore-based is currently the most popular platform for doing this. In November,  reported over 2,000 registered users. A recent press release announced that…
Continue Reading »
[sc:prepost]

Singapore getting Lamassu Bitcoin ATM, Bitcoin Exchange: My Paper Top Story, 我报, Singapore, Asia

Update: The site for the Lamassu has been changed from to Singapore getting Lamassu Bitcoin ATM, Bitcoin Exchange: My Paper, 我报, Singapore, Asia It even gets its spot as a top story! (there is a local exchange however, maybe Ms Kwan made a mistake) Published on Feb 03, 2014 S'pore set to get its first bitcoin ATM JACQUELINE WOO SINGAPOREANS will be able to swop their physical dollars for virtual bitcoin when the first automated teller machine for the cryptocurrency lands here next month. Home-grown company Bitcoin Exchange,…
Continue Reading »

Singapore Bitcoin Taxation Update: IRAS Circular, Virtual Currencies for Virtual Goods and Services in Games NO GST until real

Update: new rules AMLTF bitcoin intermediary regulations incoming for singapore h/t xr emphasis added #sale_of_virtual_currency Sale of virtual currency New! Virtual currencies ( Bitcoins) are not considered as ‘money’, ‘currency’ or ‘goods’ for GST purposes. Instead, the supply of virtual currency is treated as a supply of services, which does not qualify for GST exemption. Businesses that buy goods or services using virtual currencies If you use virtual currencies to pay for goods or services, the transaction will be considered as a barter trade. There are two supplies…
Continue Reading »

Singapore’s Straits Times’ Washington US Correspondent Melissa Sim covers Bitcoins and Overstock

There's a paywall, if you're in Singapore you can get the papers I guess. Seems that its all there on jakarta post however (syndicated?) When Pua Pyland, 33, heard that - one of the largest online retailers in the United States - was accepting bitcoins (BTC) as a form of payment, she immediately logged onto the site and bought a weighing scale for BTC, which at that time translated to US$ in ordinary US dollars. ovestock of course has been covered on this site numerous numerous times, oh…
Continue Reading »

Singapore releases MONEYSENSE Advisory on Bitcoins, Features Litecoin, namecoin

Singapore has been quite active in its bitcoin advisory and guidance of late! (singapore bitcoin double taxation, IRAS on virtual currency, MAS) good to see litecoin being mentioned too! (they also mention namecoin, they also talk about cvcs such as liberty reserve) Virtual Currencies What are virtual currencies and their purposes? Virtual currencies (“VCs”) are non-physical stores of value that can be exchanged for goods and services at places that accept them. For instance, one may be able to use VCs as payment at online stores and even…
Continue Reading »

Further Singapore Clarifications on Bitcoin Double Taxation

Looks like double taxation is the current standard for the normal brick and mortars. The plus side is that they need to hit $1million in revenue, which may not actually be reached in a low volume high margin business. F&Bs doing well may take a hit from this however. Businesses need to register for GST if they make more than $1 million in taxable turnover in the previous four quarters, or expect such a turnover in the next 12 months. ;utm_medium=web A taxing matter for bitcoin Share on…
Continue Reading »

Malaysia holds on Bitcoin

Malaysia chooses not to regulate bitcoins, instead warning of bitcoin risks (of which bitcoin is risky) Is this a mirror of Singapore's bitcoin position? and here Colbert of the famous malaysia bitcoin whatsapp group and bitcoin malaysia is featured in both articles. (He was previously at the Singapore bitcoin conference) From Wall Street Journal Malaysia's Central Bank Warns of Bitcoin Risks Stops Short of Banning the Virtual Currency By Shie-Lynn Lim Jan. 3, 2014 12:14 ET KUALA LUMPUR, Malaysia—Joining a number of regulators world-wide, Malaysia's central bank voiced…
Continue Reading »
Litecoin: LLnSyo8rqbJng11b3whVUXSr6nWMtmT1zU
Bitcoin: 158MikZVM8yQviLcvxu1aahTysSxDUaePr
Dogecoin: DRCm4QFStzSKRsPMk6EE1VCJGE78BGZWnn