How do restaurants in Singapore manage to accept crypto payments while under strict regulations?

Regulations are crucial to have control over the nascent market and to check the illicit activities, making it a safe place even for newcomers

Once considered one of the best suitable places for crypto activities, Singapore now seems to be a tough call
The southeast Asian country has recently seen many prominent crypto entities shifting outside the region.

For cryptocurrency enthusiasts, people, and institutions interested in crypto willing to pursue something in the sector, Singapore was considered the haven. The country was best suited for crypto-related activities and operations due to its adaptive and flexible regulations, but gradually things started to change with time. Now the government is deliberately working towards tightening the laws and restricting digital assets as much as possible. However, it’s been seen that restaurant businesses in Singapore are still continuing to accept payments in cryptocurrencies despite the sanctions of authorities.

The movement to push the crypto payments used for many businesses in the Southeast Asian country is being led by Joo Bar and Maison Ikkoku. Earlier, many cryptocurrency companies and digital assets service provider firms considered the country home. Still, in several recent incidents, it has been overserved: the crypto sanctions are being tightened, and hence they are being pushed away.

However, bypassing such circumstances, the Singapore food industry is adopting transactions in crypto despite the existing government’s resistance against crypto. One of the many restaurants in Singapore, Maison Ikkoku in Kampong Glam, accepts cryptocurrency payments.

CEO of Maison Ikkoku, Ethan Leslie, said that the revenue had seen a tremendous boost after the addition of crypto payments. Customers could see the sign while entering the restaurant that they accept cryptocurrencies like bitcoin (BTC), BNB, and ethereum (ETH) for payments.

Crypto itself seems to attract a specific group of customers. After the pandemic dissipates, a large number of employees from different crypto exchanges and hedge funds management firms have joined the institutions and become a huge portion of their clients. While going through the website of these restaurants, you will get the taste of their special crypto themed events like the Crypto Brunch Happy Hour. This event gets customers to knock around with various crypto traders, investors, NFT artists, and many other related people.

One of Singapore’s pioneering restaurants, Joo Bar, also accepts crypto payments. CEO of Joo Bar, Jamie Lim, let us know that there is an offer of a 15% discount for customers going on for those who pay their order bitcoin (BTC). Another bar goes by the name Xu Bar, accepts bitcoin, and has gone a long way ever since its launching. Even paying for your orders has been as simple as scanning a QR code.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing