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

Since the unfortunate demise of long-term crypto-friendly banks like Silvergate and Signature Bank earlier this year, the crypto community has desperately needed reliable banking services.

Traditional banks still have a bone to pick with cryptocurrency as an asset class. Drawing a line in the sand, some have closed bank accounts simply because account holders have deposited funds to a cryptocurrency exchange.

Financial institutions are slowly warming to blockchain technology and the crypto industry despite this. Conversely, crypto companies need trustworthy banking systems that support their needs and store their fiat currency holdings.

But hang on; I thought the whole point of Bitcoin (BTC) was that we no longer need banks!

In theory, yes. However, while this might be the case for maxis, the reality is that crypto assets and traditional financial services will continue to co-exist for the foreseeable future. Having a crypto-friendly bank makes it easier to off-ramp digital assets when you want to exit the market.

What Makes a Bank Crypto-Friendly?

As the name would suggest, crypto-friendly banks are much more welcoming and supportive of digital currencies and crypto businesses. They might offer crypto trading services or support integration with crypto exchanges like Binance or Kraken.

But that’s just the tip of the iceberg. Some forward-thinking banks are building a name for themselves in the crypto space by offering insurance for crypto businesses. Some Bitcoin-friendly banks offer credit and debit cards that give you cashback on purchases paid in BTC.

Pros and Cons of Crypto-Friendly Banks

Before diving into our list of the best crypto-friendly banks available, let’s quickly review their pros and cons.

Pros

They make crypto easy – The crypto space can be complicated and intimidating for the uninitiated. While self-custody is a fundamental pillar of blockchain technology, it’s not for everyone. Crypto-friendly banks can expose customers to the industry from the comfort of familiar banking systems.

Stress-free off-ramping – Traditional banks are often restrictive when the time comes to withdraw fiat currency to your bank account via a cryptocurrency exchange. Crypto-friendly banks make exiting the market easier and realize your profits (or losses).

Support crypto firms and startups – Crypto businesses still need a presence in traditional finance for insurance and operating costs. The best crypto-friendly banks provide blockchain and fintech companies with everything they need to stay compliant in ‘the real world.’

Mobile apps – The crypto market never sleeps, so accessing your account while on the go is important. Most crypto-friendly banks have intuitive mobile apps available on Android and iOS that make it easy to track the market in real time and make moves quickly.

Cons

Historically unreliable – The unfortunate truth is that crypto-friendly banks generally have high exposure to volatile digital assets. This puts their reserves under strain, which can end in bankruptcies and insolvencies, as we’ve seen with Silvergate and Signature Bank.

High fees on crypto transactions – Crypto-friendly banks are designed to make cryptocurrency easier. This service means they charge a premium on crypto-related services and are generally more expensive than what you would pay using your own crypto wallet. Fewer options than DeFi – The functionality of a crypto-friendly bank account is rather limited beyond cryptocurrency trading and HODLing. The DeFi space offers far more utility and empowers users to put their funds to use in infinitely more ways, including staking, yield farming, and lending.

Top Crypto-Friendly Banks

If you’re looking for the best crypto-friendly bank to join in 2023, you’re in the right place! This list breaks down some of the top banks for cryptocurrency from a variety of fields, including traditional banking, business banking, and personal accounts.

On the Flipside

While the best crypto-friendly banks offer a wealth of great features, the realm of opportunities presented in DeFi is far more widespread. Let’s not forget that cryptocurrency was invented to give people greater control over their finances through self-custody.

While crypto-friendly banks are unlikely to deny you access to your funds, it’s important never to forget the mantra: ‘Not your keys, not your crypto.’

Why This Matters

Crypto-friendly banks help make digital assets more accessible and do wonders for mass adoption and industry growth. Figuring out which crypto-friendly banks align with your needs can also help you earn crypto through cash-back payments or grow your crypto business,

#feedfeverchallenge #crypto2023 #cryptobank

Cross River Bank, a venture-backed regional bank based in New Jersey, has been issued a consent order by the Federal Deposit Insurance Corporation (FDIC) for "unsafe or unsound banking practices" related to compliance with fair lending laws and regulations. The order, issued on March 8 and made public last Friday, calls for the bank's board to increase its supervision and direction of the management and take corrective action to remedy any unsafe practices and prevent future violations.

Cross River Bank is known for doing business with major crypto firms such as Coinbase and Circle, and a spokesperson for the bank stated that the order is "the result of a standard review" pertaining to aspects of the bank's lending processes from two years ago. The spokesperson also emphasized that the bank has made significant enhancements to its fair lending and other programs, including investing in technology and personnel, since identifying areas for improvement prior to the examination.

Despite the FDIC consent order, Cross River Bank is still dedicated to partnering with the fintech community and remains a model for transparent, compliant, fair, and responsible lending. The order does not identify discriminatory practices or anything that would require Cross River to compensate consumers for harm, and it places no limitations on the bank's existing fintech partnerships or the credit products offered in partnership with them.

However, the bank is required to review its information systems, identify new credit products, and submit a list of third parties offering them, among other tasks, as part of the corrective action plan. Cross River Bank is also required to compile written progress reports on actions taken to secure compliance with the order.

The founder, chair, and CEO of Cross River Bank, Gilles Gade, acknowledged this week that his institution is facing regulatory scrutiny after the collapse of Silicon Valley Bank. He made the comments in a "Q1 Message" blog post, which did not mention the FDIC consent order. Gade stated that regulatory scrutiny on banks in general is increasing and the events with SVB will only expand those efforts with a specific focus on banks that support fintech. Cross River Bank is the largest of these banking institutions and as such, has regulatory examiners reviewing some elements of its business on a continuous basis.

In conclusion, the FDIC consent order serves as a reminder to banks doing business with the crypto industry that regulatory compliance is critical to success. While Cross River Bank has taken steps to improve its compliance with fair lending laws, the order shows that there is still work to be done. As regulatory scrutiny on banks continues to increase, it is essential that banks prioritize compliance and work closely with regulators to ensure that their practices are safe and sound.

#crypto2023 #cryptobank #crossriver #Binance #dyor