The current CEO from Bullionstar.com,Torgny Persson is trying to get a branch of their company located to Singapore.”Singapore is the perfect place to sell and store precious metals thanks to its stable government and friendly tax environment” says the CEO.
Now who is Torgny Persson? He started the Swedish bullion dealer LibertySilver.se in 2008 and Estonian LibertySilver.ee in 2011. “ I decided to move to Singapore after discovering the government there was removing GST (goods and services tax) on precious metals in 2012. Rather than increasing red tape and discouraging bullion investment like other countries” said Torgny Persson in an interview with us.
“Singapore also has no capital gains tax on bullion investments and there are no associated reporting requirements, and cash transactions are allowed. Together with its many options for secure storage and strong property protection rights, the city-state holds a degree of appeal for more conservative investments like metals” , Torgny Persson went on explaining. The official policies relating to digital currency transactions and taxation and Crypto are very relaxed..
Our research shows that Ripple Singapore, a company that does basically the same as Torgny Persson wants to do, has already taken advantage of both Singapore’s economic freedoms and the fast-moving Ripple network since the end of last year to innovate with its services.
Buyers in Singapore can buy online or at BullionStar in Singapore’s Central Business District, where they have an office. If you go to the physical location you can take possession of their bullion as soon as a Bitcoin transaction receives the required six confirmations.
There is also another option available for potential buyers. You can store your bullion bars in BullionStar’s own integrated vault, acting as a kind of ‘bullion bank’ while letting owners view their metals whenever they choose. The company is insured to store up to SGD$20 million in precious metals on its premises.
Selling bullion for Bitcoin can be quite lucrative, even outside Singapore. Amagi Metals, based in the US, was one of the first bullion dealers in the world to accept Bitcoin and has turned it into a successful enterprise. “It began accepting Bitcoin about a year ago, and is now one of BitPay’s largest clients” according to Amagi Metals.