A Singapore firm is planning to install the island's first bitcoin ATM within months.
A new service uses the Ripple network to acquire, store and convert precious metals into 'any currency'.
The Inland Revenue Authority of Singapore (IRAS) has issued clear guidelines on how it will tax various bitcoin businesses.
The Monetary Authority of Singapore (MAS) has announced that it will not restrict or regulate bitcoin's use.
The new virtual currency exchange has raised $3.25m, bringing its total funding to-date to $5.5m.
Singapore is attracting bitcoin entrepreneurs thanks to its booming economy and active startup network.