The Singapore Red Cross, a humanitarian aid and community services charity, has made an exciting announcement regarding its acceptance of donations in cryptocurrency. Furthermore, In collaboration with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, the charity now empowers donors to contribute using popular cryptocurrencies such as Bitcoin, Ether, Tether, and USD Coin.
However, the organization’s recent initiative aims to attract a new group of tech-savvy and philanthropic donors who are eager to make a positive impact using their digital assets. Moreover, these generous contributions will remain anonymous and be swiftly converted into traditional currency within one business day.
Crypto As A Private Property
Furthermore, the Secretary-General and CEO of the Singapore Red Cross, Benjamin William, enthusiastically welcomes the new donation option. This innovative approach enhances our outreach. We’re grateful for the support.
“By accepting digital currencies, we open our doors to a new segment of tech-savvy donors who wish to make a difference through their digital assets.”
“Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable,” he added.
The Singapore Red Cross website has already implemented a crypto payment option. Additionally, donors can utilize a separate solution through Binance, one of the world’s largest cryptocurrency exchanges.
In July, Singapore’s High Court ruled cryptocurrency as private property, akin to fiat money. This legal recognition affirms that crypto can be subject to claims and legal action without requiring physical possession.
Additionally, the decision made regarding crypto in Singapore carries significant implications for its legal status and regulatory framework. Singapore, a crypto-friendly Asian nation, is renowned for backing blockchain and fintech advancement. It has granted licenses to several crypto businesses under the Payment Services Act.
UNICEF, Save the Children, The Water Project and The Giving Block accept cryptocurrency donations too. This includes the Singapore Red Cross. By accepting cryptocurrency contributions, these organizations enjoy advantages like reduced transaction fees, quicker processing times, global accessibility, and enhanced transparency.
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