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Singapore was once a haven for cryptocurrency enthusiasts but now the government is tightening its reins and restricting the use of digital assets. Nonetheless, restaurants in Singapore continue to accept crypto payments despite the legislative sanctions.
Joo Bar and Maison Ikkoku spearhead the move to push the use of crypto payments for many businesses in Singapore. Many cryptocurrency companies have regarded the country as home but the recent crypto restrictions are now pushing them away.
Nevertheless, the food industry in Singapore is adopting crypto for transactions despite the current resistance from the government.
Restaurants in Singapore continue to accept bitcoin payments despite the legislative prohibitions. (Image credit: Bloomberg Quint)
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Singapore Crypto Customers
Maison Ikkoku, a restaurant in Kampon Glam, is one of the many restaurants in Singapore that accept digital tokens as payment. Upon entering the restaurant, you’ll immediately see a sign that they accept BTC, BNB, and ETH as payment.
Ethan Leslie, Maison Ikkoku CEO, says the addition of crypto payment has been a tremendous boost to their revenue.
Crypto seems to attract a particular type of customers and as the pandemic is now dissipating, more employees of different crypto exchanges and hedged funds have become the majority of their clients.
Hovering on the website will give you a taste of their crypto-themed special events like the Crypto Brunch Happy Hour wherein customers get to rub shoulders with the crypto investors, traders, NFT artists, and a whole lot more.
BTC total market cap at $755 billion on the daily chart | Source: TradingView.com
Via QR Code
Joo Bar is one of the pioneering restaurants in Singapore that accept crypto payments. Jamie Lim, CEO of Zoo Bar, currently offers 15% discounts for customers who will pay their order in Bitcoin.
Joo Bar has become a hang-out venue for people in the same industry. In fact, a lot of customers seem to have easily expanded their networks and landed new jobs while enjoying a meal.
Another bar, Xu Bar, accepts Bitcoin and has definitely gone a long way since its launching. Nowadays, paying for your orders is as simple as scanning a QR code.
Using a QR code to pay for your purchases is now as easy as a few taps. (Image credit: Kaspersky)
Strict Licensing
The Monetary Authority of Singapore (MAS), the country’s central bank, is now implementing strict licensing for businesses that use crypto. They aim to be a crypto hub with major players in the industry who know the value of risk management.
Around a fraction was approved out of more than 100 businesses that applied for licenses to operate and accept digital currency.
Due to this difficult licensing process, some crypto-based companies decided to transfer their headquarters to other locations like the Bahamas and Dubai.
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Featured image from UnSplash, chart from TradingView.com
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