Cryptocurrency License

Why a Singapore Cryptocurrency License?

Singapore is a parliamentary republic and major financial hub in Southeast Asia. Its highly-developed, free-market economy is known worldwide for its business-friendly climate. For these reasons, businesses in regulated industries have long flocked to Singapore — particularly in the financial, cryptocurrency, and payments fields.
As a major onshore financial services center, Singapore is both widely respected and recognized. The nation boasts a low tax regime on domestic and offshore profits and undertakes a reasonable approach to regulatory fees.
When obtaining a crypto license in Singapore, it’s important to note that blockchain professionals hold a regulatory license here in high regard. The Monetary Authority of Singapore is charged with supervision and enforcement of its Class F Payment Institution License and has been very successful in attracting both high-profile cryptocurrency exchanges and Initial Coin Offerings.

Given its location in the Caribbean and recent economic challenges, Puerto Rican government has sought to enact legislation to encourage the development of an offshore financial services center. This includes certain tax benefits, including rates as low as four percent on corporate taxes and tax holidays for certain expatriates.

Most recently, Puerto Rico passed Act 273, which established international financial entities and an associated international banking license. While not technically “offshore”, Puerto Rico is an ideal jurisdiction for the establishment of an international offshore bank. Puerto Rico’s International Financial Entity license grants the holder broad banking powers at a competitive tax rate of four percent of profits, as well as easy access to the United States banking system.

The licensure, while only recently passed, spurred the growth of offshore banking in Puerto Rico, with over 25 offshore banks established in 2018.