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HomeLaw & PoliticsSingapore restaurants continue to accept crypto payments despite legislative resistance

Singapore restaurants continue to accept crypto payments despite legislative resistance

Despite the Singapore government's resistance to crypto, Singapore's food businesses continue to use cryptocurrencies as a mode of payment.

Recently, the government of Singapore has strengthened its grip over the use of digital assets in the country. However, the restaurants in Singapore continue to accept crypto payments despite the legislative restrictions. Joo Bar and Maison Ikkoku are two popular restaurants and bars in Singapore that are urging other businesses to accept crypto payments. Many crypto companies believe Singapore to be their home, but new laws are forcing them to relocate.

Singaporean restaurants that accept cryptocurrency payments

Maison Ikkoku, a Kampong Glam restaurant, is one of many in Singapore that accepts digital tokens as payment. The sign in the restaurant says that they take BTC, BNB, and ETH.

According to Ethan Leslie, CEO of Maison Ikkoku, the adoption of crypto payments has been a huge boost to their business. Crypto appears to attract a certain sort of consumer. As the pandemic fades, more workers from various crypto exchanges and hedge funds have become their primary clientele.

Joo Bar is one of Singapore’s first eateries to accept cryptocurrency payments. Joo Bar’s CEO, Jamie Lim, is currently offering a 15% discount to clients who pay for their orders with 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 employment while dining.

Xu Pub, another bar that takes Bitcoin, has come a long way since its inception. Scanning a QR code is now all it takes to pay for your orders.

New licence requirements for crypto usage in eateries

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is now enforcing severe licensing requirements for enterprises that use cryptocurrency. They want to establish a crypto centre with large industry players that understand the need for risk management. 

Out of more than 100 firms that filed for licences to operate and accept digital money, just a small percentage were accepted. Due to the demanding licensing procedure, several crypto-based businesses are planning to relocate their headquarters to the Bahamas or Dubai.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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