Singapore, regarded as home by many crypto firms and once a haven for crypto maniacs— the country has now tightened its ropes around the crypto industry. However, this has not worked in restaurants in Singapore wanting to accept crypto for their services.
Singapore’s stringent licensing process has forced some crypto-based companies to relocate their headquarters to other locations like Dubai.
The push for the use of crypto for several businesses in Singapore was by Maison Ikkoku and Joo Bar. When one enters the Maison Ikkoku restaurant in Kampong Glam, a sign says the restaurant accepts BTC, BNB, and ETH as payment. Such is the adoption of crypto in the South-Asian country.
Joo Bar is also one of the many restaurants in Singapore that accept crypto payments. The restaurant also offers a 15 percent discount to first-time customers paying in Bitcoin. It is famous for being a hang-out venue for people in the crypto industry since reports of many people landing their jobs and making connections while having a meal have often erupted.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has already started implementing the licensing policy for businesses accepting crypto. The requirements to obtain a license may be too harsh or demanding for small and medium-sized businesses wanting to accept BTC and other tokens of their choice.
The bank says it aims to be a major player in the industry by making Singapore a crypto hub. They want the major players to know the value of their management.