Singapore Red Cross accepts cryptocurrencies as donations, Latest Singapore News - The New Paper

Singapore Red Cross accepts cryptocurrencies as donations

The Singapore Red Cross will now accept cryptocurrencies as a form of donation.

In a statement released on Monday, the humanitarian organisation announced its partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore.

Donations in various cryptocurrencies, including Bitcoin, Ethereum, Tether and USD Coin, will be accepted. The new payment option is now live on the Singapore Red Cross website.

According to a spokesman from Triple-A, cryptocurrency donors do not receive tax deductions.

All crypto donations received will be converted into fiat currency, which is government-issued currency, and settled via bank transfer within one business day. This ensures that the funds are readily accessible to support the organisation’s humanitarian initiatives.

Secretary General and CEO of Singapore Red Cross, Mr Benjamin William, said: “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.”

According to Singapore Red Cross’ annual report, general donations amounting to more than $4.5 million were made in 2022.

Apart from Singapore Red Cross, The Food Bank Singapore also accepts cryptocurrencies as donations.

Other local charitable organisations such as Daughters of Tomorrow and Cycling Without Age utilise Digital Philanthropy, which is “a social purpose blockchain-enabled marketplace”, to receive donations in the form of cryptocurrencies.