Restaurants In Singapore Are Accepting Cryptocurrency Payments Despite Legislative Opposition.
Singapore used to be a haven for cryptocurrency enthusiasts, but the government is now tightening its grip and limiting the use of digital assets. Despite the legal restrictions, restaurants in Singapore continue to accept cryptocurrency payments.
Joo Bar and Maison Ikkoku are leading the way to encourage numerous companies in Singapore to accept cryptocurrency payments. Many cryptocurrency companies considered the country to be their home, but recent crypto restrictions are driving them abroad.
Despite the government’s opposition, the food business in Singapore is embracing cryptocurrency for transactions.
Maison Ikkoku, a Kampon Glam restaurant, is one of many in Singapore that accepts digital tokens as payment. When you walk into the restaurant, you’ll notice a sign that says they accept BTC, BNB, and ETH.
The advent of crypto payment, according to Ethan Leslie, CEO of Maison Ikkoku, has been a huge boost to their business.
Crypto appears to attract a specific type of customer, and as the pandemic fades, more employees of various crypto exchanges and hedge funds have become their primary clients.
Joo Bar is one of Singapore’s first restaurants to accept cryptocurrency payments. Zoo Bar’s CEO, Jamie Lim, is presently offering a 15% discount to clients who pay for their orders in Bitcoin.
Joo Bar has become a popular hangout spot for those in the same line of work. In fact, many customers appear to have effortlessly expanded their networks and found new jobs while dining.
Xu Pub, another bar that accepts Bitcoin, has come a long way since its inception. Scanning a QR code is now all it takes to pay for your orders.
Singapore‘s central bank, the Monetary Authority of Singapore (MAS), is now enforcing severe licensing requirements for businesses that use cryptocurrency. They want to establish a crypto hub with large industry players who understand the need of risk management.
Out of more than 100 firms that filed for licenses to operate and accept digital money, just a small percentage were accepted. Because of the arduous licensing process, some crypto-based businesses have relocated their headquarters to the Bahamas or Dubai.
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