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Singapore Red Cross Embraces Crypto Donations

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Singapore Red Cross Embraces Crypto Donations

The Singapore Red Cross, a humanitarian aid and community services charity, has announced that it will start accepting donations in cryptocurrency.

This move is aimed at reaching out to a new segment of tech-savvy and socially-conscious donors who wish to make a difference through their digital assets.

How to Donate Crypto to the Singapore Red Cross

The Singapore Red Cross has partnered with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to enable the option of anonymous donations in crypto. Donors can choose from four popular digital currencies: Bitcoin, Ether, Tether and USD Coin. They can also donate directly from their Binance digital wallet, as the payment gateway offers a separate solution for this option.

To donate crypto to the Singapore Red Cross, donors can visit the organization’s website and select the crypto payment option. All donations will be converted into fiat currency and settled via bank transfer within one business day.

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Why Crypto Donations Matter

Benjamin William, Secretary General and CEO of the Singapore Red Cross, shared his enthusiasm toward the new initiative:

“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.”

He added that enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are familiar with digital currencies to consider philanthropy and helping the vulnerable.

The Singapore Red Cross is not the first charity organization to accept crypto donations. In fact, crypto philanthropy has been growing in recent years, as more donors see the benefits of using digital currencies to support social causes. Some of these benefits include:

Transparency: Crypto transactions are recorded on a public ledger, which allows donors to track how their donations are used and verify that they reach the intended recipients.

Efficiency: Crypto transactions are fast and cheap, which means that more funds can be allocated to the actual cause and less to administrative costs.

Inclusivity: Crypto donations can reach people who do not have access to traditional banking services, such as refugees, migrants, and the unbanked.

The Legal Status of Crypto in Singapore

The Singapore Red Cross’s decision to accept crypto donations also reflects the positive attitude of the Singaporean government toward digital currencies. In July 2023, the High Court of Singapore declared crypto a private property, which doesn’t differ in principle from fiat money and could be classified in the category of “things in action.” In British common law, that means a type of property over which personal rights could be claimed or enforced by legal action, not by taking physical possession.

Singapore is also one of the few countries that have a clear and comprehensive regulatory framework for crypto businesses. The Payment Services Act 2019 (PSA) provides a license regime for crypto service providers, such as exchanges, wallets, and payment gateways. The PSA also imposes anti-money laundering and counter-terrorism financing obligations on crypto service providers.

By accepting crypto donations, the Singapore Red Cross is not only expanding its donor base but also demonstrating its trust and confidence in the emerging technology of digital currencies. This is a positive sign for the future of crypto philanthropy and social impact.