Crypto Tax Deductions
The Singapore Red Cross has partnered with the crypto payment gateway Triple A to accept donations in the form of digital currencies. However, donors will not receive tax deductions for their contributions, as all donations are converted into fiat currency within 24 hours of being received.
- The Singapore Red Cross has started accepting donations in BTC, ETH, USDT, and USDC.
- By accepting digital currencies, the organization aims to attract tech-savvy donors.
- Other charitable organizations in Singapore, such as The Food Bank Singapore, already accept cryptocurrencies.
- Daughters of Tomorrow and Cycling Without Age are using the Digital Philanthropy platform to accept crypto donations.
Hot Take: The Singapore Red Cross embracing cryptocurrency donations shows a growing trend of charitable organizations adopting digital currencies. While tax deductions are not available for donors, this move opens up new opportunities to engage tech-savvy donors who want to make a difference using their digital assets.
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