The Singapore government sandbox and the founder of Crypto Story Bank, Ivan Grinev, have agreed to collaborate. The promising and ambitious #crypto bank CSB will establish a legal entity in Singapore and begin serving entrepreneurs in the country.

Crypto Story Bank is a pioneer in its sector, offering users the ability to conduct all familiar cryptocurrency$ operations without converting to fiat in one convenient application. CSB operates in 40 networks and combines investment, storage, and cryptocurrency transfer tools, a social network, payment cards, credit products, as well as convenient business solutions. Currently, Crypto Story Bank is conducting a round of selling a portion of its holding company to scale its business, aiming to raise $8 million.

CSB already holds all necessary licenses to operate within the European Union and is now expanding its geographical presence by registering a legal entity in Singapore. CSB's founder, Ivan Grinev, emphasizes that his company has all the legal foundations to commence operations in this country.

Cryptocurrency Taxes for Businesses in Singapore

Singapore is one of the world's financial centers, and the city-state's government sees potential in supporting blockchain projects. Singapore is preparing for the implementation of decentralized finance as it plans to tokenize its economy from 2030 onwards.

Cryptocurrencies have long been recognized in Singapore. In 2014, the Inland Revenue Authority of Singapore (IRAS) classified Bitcoin as a commodity, and in 2020, the Monetary Authority of Singapore (MAS) made amendments to the legislation. Cryptocurrency in Singapore is now defined as a Digital Payment Token (DPT).

All digital asset transactions in Singapore are regulated by the Monetary Authority of Singapore (MAS), while the Inland Revenue Authority of Singapore (IRAS) handles taxation, setting mandatory fees for cryptocurrency transactions, determining the payment process, and providing tax-related clarifications. IRAS has previously adapted regulations in this area. For example, the previous regulatory document, in effect until January 1, 2020, imposed double taxation when purchasing tokens and using them as a means of payment, i.e., when exchanging them for other goods. Now, double taxation has been abolished.

There are two types of taxes on cryptocurrency in Singapore: Goods and Services Tax (GST) at a rate of 7% and Corporate Income Tax at a rate of 17% of the transaction amount. In cases where cryptocurrency is used as a medium of exchange, users are exempt from GST. Corporate income tax applies to companies for which cryptocurrency trading is their main activity. Companies engaged in cryptocurrency mining or exchanging coins for fiat money are also required to pay corporate income tax.

Singapore's legislation is flexible and reflects market requirements as regulators regularly make changes to align with contemporary realities and provide all necessary clarifications.

In 2020, IRAS clarified several provisions:

Companies are exempt from corporate income tax on tokens received for free and coins resulting from hard forks.

If an organization deals with cryptocurrency and pays dividends abroad, corporate income tax is not levied.

Different types of tokens (payment, utility, securities) have received new definitions and tax treatment.

These legislative changes are linked to the increased interest of Singaporean citizens in cryptocurrencies.

CSB Offers POS Terminals for Businesses

Crypto Story Bank integrates two types of cryptocurrency terminals designed for businesses. Owners of physical stores can utilize the Terminal mobile application, while websites can integrate online payment solutions. Owners of CSB's POS terminals receive free corporate services during the initial months after the launch. Only the CEO of the company can register it. A modern POS terminal or any smartphone can serve as a crypto-terminal. All deduction, refund, and collection operations are carried out through such a POS terminal.

About Crypto Story Bank

Crypto Story Bank is a startup founded in 2022 by entrepreneur Ivan Grinev. The project aims to create a secure and convenient platform for using cryptocurrencies in everyday life. Crypto Story Bank offers all the necessary products for investments, fund storage, and obtaining loans. The developed CSB ecosystem allows customers to access any required information within the application.

Ivan Grinev highlights that CSB combines traditional banking with popular financial mechanisms and the latest developments characteristic of cryptocurrency operations and investments. The project is actively growing and has branches in the European Union, UAE, Seychelles, Canada, and South America.

Currently, legal entities can integrate CSB's POS terminal into their websites and accept cryptocurrency payments. The Crypto Story Bank application is in the final stages of development, with a full release planned for the end of 2023.

https://www.ibtimes.sg/singapore-government-sandbox-host-crypto-story-bank-70719

#cryptostorybank #pos #posbanking #ivangrinev #cryptobank

This article about Crypto Story Bank was published in GQ China: 'Hong Kong To Open Crypto Exchange Access For Retail Users. Learn How To Keep Your Crypto Safe And Use It Conveniently With Crypto Story Bank' http://www.gq.com.cn/fashion/news_19256731e505a489.html

The Hong Kong Securities and Futures Commission (SFC) announced it allows licensed platforms to serve retail investors from June 23. This makes cryptocurrencies more accessible to ordinary users, which means it's time for you to consider how to conveniently and securely store them. Crypto Story Bank has a ready-made solution for this.

What Kind Of Bank Is This?

Crypto Story Bank is one of the first banks in modern history, which allows users to carry out all operations with cryptocurrency in one convenient application. It works on 40 networks and combines tools for investing, storing and transferring cryptocurrencies, a social network, payment cards, credit products, as well as special products for business. Crypto Story Bank has all the necessary products for investments, storing funds in the account, as well as obtaining loans. The developed ecosystem of the bank allows a customer to receive any necessary information within the application.

“Crypto Story Bank’s philosophy is centered around the complete abandonment of fiat payments by users. We believe that cryptocurrency presents a new convenient way for bank customers to transact with one another. The main issue facing the modern market is the lack of a truly high-quality and user-friendly product for conducting transactions”, — says the CSB founder Ivan Grinev.

The bank is aiming to create a streamlined infrastructure for cryptocurrency payments that is as simple and easy to use as traditional banking methods. As Grinev says, the CSB team believes in providing the highest quality of service and security, so the bank’s customers can feel confident in their transactions.

What Features Are Available To Customers?

Secure Storage Of Funds. You can store your cryptocurrency in a bank account - it's completely safe and also convenient. You can always recover access to your account because the application is custodial, and the support team will be able to assist you. The CSB application combines the features of a traditional banking app and a cryptocurrency wallet. By storing your money with us, you not only keep them safe but also have the freedom to use them whenever you want.

Crypto Terminals. Crypto Story Bank integrates two types of cryptocurrency banking terminals for business. There is the Terminal mobile application for offline store owners, and a convenient online payment solution for websites. During the first months after the launch, the owners of Crypto Story Bank Terminals will have the opportunity to use free corporate service at the bank. Clients can register their companies in the Terminal service only if they are CEO. The employee's phone is a cash terminal for a retail store. All operations for write-off, refunding and encashment are carried out through a smartphone.

Cards. Crypto Story Bank cards are the easiest way to pay with cryptocurrencies without converting it into fiat currency. They let clients do shopping online or in-store with their virtual or physical cards and earn cashback rewards on every purchase. CSB’s cutting-edge security features ensure safe transactions. 

Earning. Clients of CSB can hold cryptocurrency to earn interest, stake to increase holdings, and invest in Crypto Story Bank's ETFs for a balanced portfolio and stable income. 

Become A Part Of The Crypto Story Bank's Community

Crypto Story Bank has a community of tens of thousands members and is observed by major publishers such as Yahoo Finance, Bloomberg, the Guardian, Benzinga, etc. The bank continues to develop its community and attracts increasing attention to its products.

Currently, legal entities can integrate the CSB online terminal into their websites and accept cryptocurrency payments.

Crypto Story Bank application is in its final stages of development. The release of a full-fledged banking application is planned for the end of 2023.

#cryptostorybank #ivangrinev #gq #hongkong #crypto

This article about Crypto Story Bank was published in Forbes Poland: https://www.forbes.pl/finanse/crypto-story-bank-umiesci-400-terminali-pos-na-terenie-polski-inicjatywe-poparlo/jrpkmes

Crypto Story Bank is set to enable merchants to accept cryptocurrency payments in Poland. The first wave of POS terminals will be deployed in major retail chains in Warsaw, followed by expansion to other cities throughout the country. The initiative has garnered support from representatives of Poland's business community.

As a pioneer in its sector, Crypto Story Bank offers users a comprehensive platform for conducting familiar cryptocurrency operations in one convenient application. With a presence in 40 networks, CSB combines investment tools, secure storage and transfers of cryptocurrencies, a social network, payment cards, credit products, and business solutions. Founder Ivan Grinev emphasizes that the bank holds all the necessary licenses to operate within the European Union, with two registered legal entities in Lithuania and Estonia. Currently, Crypto Story Bank is conducting a funding round to scale its business, aiming to raise $8 million.

Business POS Terminals

Сrypto Story Bank integrates two types of cryptocurrency terminals specifically designed for businesses. Physical store owners can utilize the Terminal mobile application, while websites can integrate an online payment solution. Owners of Crypto Story Bank POS terminals receive complimentary corporate service during the initial months of operation. The company can be registered by its CEO only. Modern POS terminal models or any smartphone can function as crypto terminals. All debit, refund, and collection transactions can be conducted through such POS terminals.

Rising Popularity of Digital Assets: Digital assets are gaining popularity, with Forbes reporting over 33,000 cryptocurrencies worldwide and a total market capitalization of $1.1 trillion. However, there is a lack of major banks that conduct transactions, ensure fund security, issue crypto cards, and offer mobile banking acquiring services. Establishing a significant crypto bank to consolidate the market is a crucial step in the industry's development, which is precisely the objective of Crypto Story Bank founder Ivan Grinev. Clients can rest assured that their transactions are entirely secure, and they receive only verified and clean cryptocurrencies, as CSB adheres to anti-money laundering policies. More and more people are turning to cryptocurrencies to safeguard their assets against inflation and facilitate cross-border payments. To cater to this affluent audience, merchants must provide convenient transaction methods.

Regulation of Cryptocurrencies in Poland

Poland leads Eastern Europe in the rapid development of digital technologies and maintains a crypto-friendly policy. The trading, exchange, and wallet management activities related to cryptocurrencies are regulated by the state. Entrepreneurs must register with the Tax Administration Chamber in Katowice and operate as virtual asset service providers. The cryptocurrency tax in Poland stands at 19%, but entrepreneurs have the right to deduct the cost of goods sold and servicing expenses from their taxable income. According to Ivan Grinev, the acceptance of cryptocurrency payments in Poland does not lead to increased taxation. Entrepreneurs ultimately pay the same tax as in fiat currency. It's worth noting that no double taxation is imposed on entrepreneurs, as emphasized by Grinev.

About Crypto Story Bank

Crypto Story Bank is a startup founded in 2022 by entrepreneur Ivan Grinev. The project aims to create a secure and convenient platform for everyday cryptocurrency use. Crypto Story Bank provides all the necessary tools for investments, fund storage, and access to credit. The developed CSB ecosystem allows clients to obtain all the essential information within the application.

Ivan Grinev highlights that CSB combines traditional banking with popular financial mechanisms and the latest developments associated with cryptocurrency operations and investments. The project is rapidly expanding, with branches in the European Union, the United Arab Emirates, the Seychelles, Canada, and South America.

Currently, legal entities can integrate CSB's POS terminal into their websites to accept cryptocurrency payments. The Crypto Story Bank application is in its final stages of development, with a full release planned for the end of 2023.

#cryptostorybank #ivangrinev #poland #warsaw #crypto