Last Updated on August 8, 2023 by Bitfinsider
According to a Triple-A representative, cryptocurrency contributions are not eligible for tax breaks.
Within one business day, all crypto donations will be converted into fiat currency (government-issued currency) and settled via bank transfer. This guarantees that the monies are quickly available to support the organization’s humanitarian efforts.
Mr Benjamin William, Singapore Red Cross secretary-general and chief executive officer, stated, “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 the Singapore Red Cross annual report, general donations totaled more than $4.5 million in 2022.
In addition to the Singapore Red Cross, The Food Bank Singapore welcomes cryptocurrency donations.
Other local charitable organisations, such as Daughters of Tomorrow and Cycling Without Age, accept cryptocurrency payments through the Digital Philanthropy platform, which is a “social purpose blockchain-enabled marketplace.”
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