Singapore restaurants accept cryptocurrency payments despite government regulation

Despite the growing cryptocurrency bans in Singapore, the HoReCa market is developing the use of cryptocurrencies — a large number of establishments in the country have started accepting crypto payments.

One of them is Maison Ikkoku, where you will immediately notice a sign at the entrance with information that, in addition to fiat money, you can also pay with BTC, BNB, and ETH. Ethan Leslie, CEO of Maison Ikkoku, said that accepting payments in cryptocurrency has significantly increased profits. The establishment also organizes various crypto events, such as Crypto Brunch Happy Hour, where customers can communicate with crypto investors, traders, and NFT artists.

Joo Bar is one of the first restaurants in Singapore to accept cryptocurrency payments. Jamie Lim, the CEO, said that the restaurant now offers a 15% discount for customers who pay for their orders with bitcoin.

As a reminder, Singapore plans to pass a law that changes the rules of operation for companies providing cryptocurrency-related services. Now, each company must obtain a special license. This step is one of a set of measures to regulate cryptocurrencies in Singapore.