How to buy Bitcoin in Singapore?

Key takeaways

• In 2024, 26% of Singaporeans owned cryptocurrency, making the country a leader in crypto adoption in the Asia-Pacific region.
• Bitcoin is legal in Singapore, classified as property under the law and regulated by the Monetary Authority of Singapore (MAS) through the Payment Services Act.
• Residents can buy Bitcoin via centralized exchanges, non-custodial wallets, decentralized exchanges, P2P platforms and Bitcoin ATMs.
• Using non-custodial or cold wallets ensures better security for Bitcoin holdings than custodial options like exchange wallets.

Singapore is among the top countries when it comes to crypto ownership. In 2024, 26% of Singaporeans reported owning cryptocurrency, which is quite impressive compared to the US, South Korea, and Hong Kong, where 21%, 13.6%, and 14.3% of people, respectively, owned crypto in the same year. The country plays a prominent role in crypto adoption in the Asia-Pacific region.

When buying Bitcoin (BTC), the city-state offers several methods. The nation’s robust digital infrastructure and supportive regulatory environment have created a positive atmosphere for crypto adoption, reflected in the statistics.

This article briefly discusses crypto regulations in Singapore. You will also learn various methods to buy Bitcoin in Singapore, from centralized exchanges to Bitcoin ATMs.

Is Bitcoin legal in Singapore?

Yes, it is legal to trade Bitcoin in Singapore, but be aware that it is not considered a legal tender. 

Singapore has a favorable regulatory environment for cryptocurrencies, enabling you to own and trade crypto. Bitcoin is considered property in Singapore, which can be held on trust, according to the 2023 ruling by the Singapore High Court in the Bybit Fintech vs Ho Kai Xin case. 

Though Bitcoin doesn’t have legal tender status in Singapore, you can use it as an alternative means of payment. Legal tender refers to the officially recognized currency you can use to settle debts and fulfill financial obligations within a country.

The Monetary Authority of Singapore (MAS) regulates cryptocurrencies under the Payment Services Act (PSA) to adequately control crypto transactions and prevent illegal activities such as money laundering or terrorism funding.

Individuals can freely purchase, trade and hold Bitcoin in Singapore, but firms that provide crypto services, such as exchanges, must acquire a license from the MAS. The law protects consumers and financial stability while encouraging innovation in the cryptocurrency field.

Did you know? Singapore’s cryptocurrency market is expected to bring in a revenue of US$229.4 million in 2025.

How do you prepare to buy Bitcoin in Singapore?

If you haven’t handled a crypto transaction before, you may want to know some crucial aspects of a Bitcoin transaction before doing it. You might want to know how to initiate a transaction, explore various purchasing methods and learn how to secure your digital assets. This groundwork helps you reduce risks and maximize your investment potential.

Register yourself on a centralized exchange

Registering on a cryptocurrency exchange is the first step to entering the world of digital assets. The process typically involves visiting the exchange’s website or downloading its app. You must create an account by providing your email address and a strong password.

In Singapore, exchanges require you to verify your identity through a Know Your Customer (KYC) process. This usually involves submitting documents like a government-issued identity card and address proof. Once the exchange’s executives verify your account, you must deposit funds into your exchange wallet using bank transfers or credit/debit cards. Banks in Singapore usually support crypto exchanges.

Set up a non-custodial wallet

Wallets provided by crypto exchanges are custodial, which means the exchange manages your private keys. You have less control over your funds, which might discourage you from keeping large or long-term holdings in your exchange wallet.

The solution is a non-custodial wallet. Unlike exchange wallets, non-custodial wallets like Trust Wallet give you complete control over your funds. You set up credentials to log into the wallet, but the provider keeps no backup. The downside is that if you lose your credentials or forget them, you also lose your funds. 

Get cold wallets to keep your Bitcoin secure

Cold wallets or hardware wallets, devices resembling USB drives, store Bitcoin offline, offering high security. They connect to the internet only for transactions. 

To use a cold wallet, you typically connect it to your computer like your USB. You then use the device’s interface to send and receive Bitcoin. Cold wallets provide maximum protection against cyberattacks as they are generally disconnected from the internet.

Did you know? Singapore’s robust blockchain ecosystem and supportive regulatory climate establish it as a prime destination for cryptocurrency startups and investments within Southeast Asia. The projected user penetration rate for 2025 is 55.9%.

How to buy Bitcoin on a centralized exchange in Singapore

Most users prefer to buy Bitcoin on a centralized exchange as the process is straightforward and convenient. This example uses Coinbase for illustration purposes:

• Step 1: Initiate account creation – Download a mobile application or open the website. Sign up and complete the KYC process with your government-issued identification document and proof of residence.
• Step 2: Add a payment method – Select “Payment Method” and link your preferred option. You can use a bank account, a debit card or initiate a wire transfer.
• Step 3: Start a trade – To initiate the purchase of cryptocurrency on the Coinbase platform, navigate to the “Buy and Sell” section on the website. For the mobile application, locate the “+” button labeled “Buy” on the Home tab.
• Step 4: Select Bitcoin from the list of assets – Click the “Buy” panel on the website and choose Bitcoin. On the mobile app, search for “Bitcoin” in its search bar and tap it to open the purchase screen.
• Step 5: Enter the amount – Put in the amount you want to spend in your local currency using the keyboard or number pad. The app will automatically calculate the Bitcoin equivalent. Tap the arrows to switch between your local currency and the Bitcoin amount.
• Step 6: Buy Bitcoin – Tap “Preview buy” to review your purchase details. Tap “Buy now” once you have confirmed everything is correct.

Once the order is processed, a confirmation screen will appear.

How can you buy Bitcoin in Singapore using a non-custodial wallet?

Unlike centralized exchanges, non-custodial wallets enable you to keep control of your crypto. These wallets operate on various platforms, including desktop computers, hardware devices and mobile phones. This example uses Trust Wallet for illustration purposes.

Here is the process to buy Bitcoin on Trust Wallet:

Step 1: Create a Trust Wallet account 

• Install the app on your mobile phone and select “Create New Wallet.” Review and accept the privacy policy and terms of service. 
• Create a six-digit password for your wallet. Keep this password secure and confidential.
• Back up your wallet with a 12-word recovery phrase. Write down the phrase or securely store the phrase. In case you lose it, Trust Wallet cannot recover a lost wallet.
• Confirm the recovery phrase by clicking the words in the correct order. Click “Done.”

Step 2: Set up a payment method

Integrate Trust Wallet with a preferred payment method. Trust Wallet supports a range of payment options, including debit and credit cards, mobile payments, and bank transfers.

Step 3: Select Bitcoin to buy

Select the desired cryptocurrency or token from the “Buy” menu within the main wallet screen to initiate a purchase. You will be redirected to a third-party service provider to finalize the transaction using the chosen payment method. Before confirmation, review the associated transaction fees denominated in fiat currency. 

Step 4: Confirm the payment

• After verifying the details, tap “Confirm” and await the subsequent deposit of funds into the designated wallet address.
• When the process is complete, you will receive Bitcoin in your wallet.

How to buy Bitcoin in Singapore using a decentralized exchange (DEX)

Like self-custodial wallets, DEXs allow you to keep ownership of your assets and private keys. On DEXs, you can buy the wrapped version of Bitcoin (WBTC) or any other ERC-20 token. WBTC is a version of Bitcoin that enables you to buy and sell BTC on the Ethereum network.

Here is the process of buying Bitcoin on DEXs, using Uniswap as an example.

Step 1: Set up a crypto wallet

Download and install a compatible crypto wallet like MetaMask. Create your wallet, securely back up your seed phrase and fund it with Ether (ETH) to cover the purchase and transaction fees.

Step 2: Connect Uniswap to your wallet

Open the Uniswap website or wallet. 

Connect Uniswap to your wallet on the website by tapping “Connect” in the upper-right corner. 

You can connect with Coinbase wallet right away. To connect with any other wallet, click WalletConnect.

A QR code will appear that you need to scan with your wallet.

On Uniswap wallet, you need to tap the “WalletConnect” icon in the upper-right corner to set up a connection with your wallet.

Step 3: Swap the tokens

In the Uniswap interface on the website, choose ETH as the token you are swapping from. In the target token selection dropdown, search for the Bitcoin version you want to buy, such as WBTC or any other ERC-20 Bitcoin token. 

In the wallet, tap “Swap” in the lower part of the app and then follow the same process, selecting ETH as the token you are swapping from and WBTC or any other ERC-20 Bitcoin as the target token.

Step 5: Approve and swap

Check the details, including the token amounts, estimated fees and slippage tolerance. Click/Tap “Approve ETH” to authorize Uniswap to access your ETH. Then click/tap “Swap” and confirm the transaction.

After the transaction is processed on the Ethereum blockchain, WBTC will appear in your wallet. You can track its status in your wallet or on a blockchain explorer like Etherscan.

How to buy Bitcoin in Singapore on a P2P platform

On peer-to-peer (P2P) platforms, you can directly buy Bitcoin from a holder. Research a trusted P2P platform operating in Singapore that supports your preferred payment type. 

• Step 1: Create your account – Sign up for the platform and complete any necessary identity verification (KYC) procedures. This could include submitting your ID and validating your email or phone number.
• Step 2: Search for Bitcoin offers – Filter suppliers according to their reputation, completion rate and user evaluation. You must also consider their chosen payment method, currency and price range. 
• Step 3: Start a trade – Choose a vendor and specify the amount of Bitcoin or fiat currency you want to spend. Generally, exchanges will have the “Buy” button that you can click to begin the process.
• Step 4: Make the payment – Complete the payment through bank transfers, mobile payments or any other accepted way within the specified time range.

The exchange will hold Bitcoin in escrow until the seller verifies receipt of payment. Once the seller confirms the payment, the platform will transfer the Bitcoin from escrow to your P2P wallet. To enhance the security of your funds, you could transfer Bitcoin from the P2P platform. 

How can you buy Bitcoin in Singapore using Bitcoin ATMs?

Bitcoin ATMs are a convenient way to buy Bitcoin in Singapore. Before transferring fiat to the Bitcoin ATM, you must have a wallet ready to receive Bitcoin. You can find Bitcoin ATMs in public malls, coworking spaces and convenience stores.

Here is how you can buy Bitcoin from a Bitcoin ATM:

• Step 1: Locate an ATM – Use services such as CoinATMRadar to locate a Bitcoin ATM that supports buying Bitcoin.
• Step 2: Verify your identity – A Bitcoin ATM typically asks you to scan your government-issued identity card for verification.
• Step 3: Begin the transaction – Visit the ATM and choose “Buy Bitcoin” from the screen. Enter the quantity you wish to purchase in Bitcoin or Singapore dollars.
• Step 4: Provide your wallet address – Scan your wallet’s QR code with the ATM to determine where the Bitcoin should be sent.
• Step 5: Insert cash – Insert the cash equivalent of your transaction in the ATM.
• Step 6: Confirm and complete – Review the transaction information, including costs, and confirm.

Your transaction will be processed on the Bitcoin blockchain, and the cryptocurrency will be transferred to the Bitcoin wallet you specified.

How to buy Bitcoin ETFs in Singapore

If you are hesitant to invest directly in Bitcoin, you could invest in spot Bitcoin exchange-traded funds (ETFs) instead. These investment funds have been designed to track the price of Bitcoin. 

Notably, Fintonia Group, a fund manager based in Singapore, launched the country’s first spot Bitcoin fund in 2021 following approval from the MAS.

Here is how you can invest in Bitcoin ETFs in Singapore:

• Step 1: Choose a brokerage platform – Open an account with a reputable brokerage that offers Bitcoin ETFs. 
• Step 2: Complete KYC verification – To verify your account, submit the required papers, which might include your ID and proof of address.
• Step 3: Deposit funds – Transfer funds to your brokerage account using a bank transfer, debit/credit card or other approved ways.
• Step 4: Search for Bitcoin ETFs – Use the platform’s search function to locate Bitcoin ETFs traded on global exchanges.
• Step 5: Place your order – Determine how many units you wish to buy. Choose between a market order (purchase at the current price) and a limit order (set your preferred price).
• Step 6: Confirm the purchase – Review the information and confirm. The ETF will be added to your portfolio after the trade is completed.

Did you know? Spot Bitcoin ETFs, approved by the US Securities and Exchange Commission (SEC) on Jan. 10, 2024, amassed about $35.9 billion in total assets in their first full year of trading.

Is tokenized Bitcoin accessible in Singapore?

Despite growing acceptance, Bitcoin’s core functionality is constrained. Its blockchain lacks the advanced smart contracts and decentralized applications essential for many cryptocurrency users and the growing Web3 ecosystem.

Tokenized Bitcoin, mirroring Bitcoin’s value on various blockchains, offers a solution. These synthetic assets, akin to stablecoins pegged to fiat currencies, enhance Bitcoin’s utility through increased programmability and accessibility.

Project Guardian, a collaborative effort involving regulators, authorities and the financial sector, seeks to streamline asset tokenization. Standardizing processes, automating operations and fostering interoperability across blockchains aims to bridge the gap between traditional finance and blockchain technology, paving the way for tokenized securities.

Best practices for buying Bitcoin in Singapore

To buy and store Bitcoin safely, you must adhere to best security practices to reduce risks. Select a trustworthy platform, whether a centralized exchange, peer-to-peer marketplace or decentralized exchange, and make sure it conforms to local regulations. A secure internet connection and two-factor authentication (2FA) on your accounts is also imperative to increase security.

Consider transaction fees, market pricing and payment methods before buying Bitcoin to make cost-effective purchases. Once you have purchased Bitcoin, move it to a wallet where you can control your funds. A non-custodial wallet gives you control over your private keys, whereas a cold wallet assures optimum security by keeping your cash offline.

Stay updated on Bitcoin regulations and market trends so that you can make educated investing decisions and protect your digital assets.