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Cryptocurrency continues to expand through the global economy, but approximately 96% of Americans were unable to pass a quiz about the fundamentals of cryptocurrency, according to results of the inaugural Crypto Literacy Survey, part of a consumer education initiative from a coalition of key players in the digital currency industry.
The quiz consisted of 17 questions to assess knowledge in cryptocurrency, bitcoin, De-Fi, blockchain, mining, types of wallets, and non-fungible tokens (NFTs), as well as general feelings about digital currencies.The quiz was developed by Cryptoliteracy.org, a coalition that includes Coinme, CoinDesk, and the Digital Currency Group. The coalition website launched in November in honor of the first annual Crypto Literacy Month, and includes complete results of the 2021 survey.
The survey and quiz were sent to 1,000 cryptocurrency or bitcoin-aware internet users in the United States, Mexico, and Brazil, balanced across age, gender, and education level (plus race/ethnicity in the U.S.). Similar to the low pass rate of 4% in the United States, 99% of Brazilian and Mexican participants did not pass the quiz.
However, according to the survey, 30% of Brazilians and 28% of Mexicans say they intend to buy or sell cryptocurrencies in the next six months, compared to 12% of Americans.
“Our industry needs to do more to improve crypto literacy throughout the world. By doing so, we can help people improve their lives by understanding how to utilize cryptocurrencies,” says Neil Bergquist, CEO and co-founder of Coinme.
“As a champion of equal and simple access to digital currencies, Coinme is proud to lead this effort in collaboration with key industry partners,” he adds.
Other key insights from the survey show that overall, cryptocurrency owners scored higher on the crypto-literacy quiz, and that most owners are younger, wealthier, and male.
In addition, younger generations in the United States are nearly three times more likely to use cryptocurrency as a means of payment, while older generations tend to view it as an investment.
Consumers around the world are invited to test their cryptocurrency literacy by taking the Crypto Literacy Quiz online. Scores will be privately emailed to participants, along with tailored courses provided by CoinDesk improve knowledge of cryptocurrency concepts.
Visit cryptoliteracy.org to learn more about cryptocurrencies, test your knowledge, challenge your friends, and to read complete results from the annual survey.
You can also join the social media conversation and follow CryptoLiteracy.org on Twitter, Facebook and Instagram.
Fall means not only shorter days and colorful leaves, but also the season of open enrollment for health insurance for most Americans.Employer-sponsored benefits can be confusing, and a combination of doing some homework and seeking expert advice can help most individuals make the most of the plans available to them.Confusion over health insurance remains a common problem; approximately 76 percent of American workers reported that they did not understand some elements of their health insurance, according to the 2017 Aflac WorkForces Report conducted by Lightspeed GMI on behalf of insurance provider Aflac.Areas of concern reported by survey respondents included deductibles, copays, and the determination of whether a health care provider is in-network.Consumer education is the key to making smart decisions during open enrollment periods, according to Aflac, which offers three top tips for maximizing health insurance.-Be prepared. Before your employer opens enrollment for health insurance this year, take the time to look into all the available options. Data from Aflac’s consumer survey showed that 83 percent of workers spent less than an hour researching potential health insurance benefit plans, and 20 percent of those did no research on health insurance plans at all.-
BITCOIN
Be advised. Get expert help. The Aflac survey found that approximately two-thirds (67 percent) of workers said they were confident that they understood all aspects of the health insurance plans for which they signed up.However, only 24 percent said they understood everything when they were questioned in more detail about deductibles, copays, and in-network providers.-Be enhanced. Consider additional voluntary insurance coverage to help fill the holes in employer-offered plans. Approximately 81 percent of employees report a need for voluntary insurance benefits, according to the Aflac survey, and 90 percent say that they view voluntary insurance as essential to a complete health benefits program.Some examples of voluntary insurance include not only health insurance, but also accident insurance, insurance for critical illness, and insurance for hospital stays, which may not be covered by an employer’s insurance. Voluntary insurance also can be used to help with expenses associated with gas, groceries, and rent for individuals with illnesses or injuries that prevent them from working.
How Do I Register a Business in Singapore
Most entrepreneurs, when they opt for a Singapore business registration, start a private limited company. However, depending on your business needs, the risk involved, and the liability you are ready to commit to, you can also use other business structures.
Choose the Right Legal Structure
In addition to a private limited company, you can also form your business as a Sole Proprietorship or Limited Liability Partnership (LLP). You need to be careful here, as your choice can impact your liability and tax amount. It can also affect a business' tax amount, branding, credibility, and fundraising ability.
Singapore government helps new businesses in their initial days. The government offers them various grants and tax incentive and help them take roots. The low corporate tax rate lowers their overhead costs. This support gives them a breathing space to find a foothold or a niche to cling to.
You can claim these benefits for your business only if it is a locally registered private limited company. You also need to maintain their management in Singapore.
How to Register a Private Limited Company
You need to apply to the Company Registrar of Singapore to register your company. A government agency named Accounting and Corporate Regulatory Authority (ACRA) acts in this capacity.
For your Singapore business registration, a company or a business firm like a sole proprietorship or an LLP, you need to apply to ACRA. If you are a foreigner, you can appoint a Singapore business registration services provider to take care of the task.
The process for Singapore company registration is streamlined and has only two procedures.
- Get company name approved from ACRA
- Apply to ACRA for your company registration
1# Get Company Name Approved from ACRA
You need to choose a unique, meaningful, and decent company name. It will improve the chance of getting it approved by the ACRA. If you have appointed an agent to form your business, send them a list of 3-7 company names.
Their experts will check the names for availability on the ACRA's website. They will register the available company name by paying an official fee of S$15.
2# Apply for Singapore Company Registration
ACRA acts as the Company Registrar of Singapore. And you need to apply to ACRA to register your business. You must submit all incorporation and KYC documents along with your application. You also must pay an official fee of S$300 in processing fee.
ACRA may take 1-3 days to process your application. After the successful Singapore business registration, ACRA sends you an email. You can use it as an Incorporation Certificate in Singapore. It contains details of your newly registered company like; Unique Entity Number (UEN), business profile, Etc.
If ACRA forwards your application to a Ministry, it may delay the approval by up to 2 months.
Pre-Incorporation Requirements
Before you decide to initiate the Singapore business registration process, you must fulfill a few of the pre-incorporation criteria. They are as listed below:
Company Shareholders
You need at least one shareholder to start your private limited company. It can have up to 50 shareholders. A shareholder in a company can also be its director.
An individual, a company, or a trust can be a shareholder in a Singapore company. If you are the sole foreign shareholder, then Singapore allows you 100% shareholding in your company.
Local or Resident Director
You need to appoint at least one resident director who is ordinarily a resident of Singapore. You can appoint a Singaporean citizen, permanent resident, or an entrepreneur or employment pass holder.
You must also see that the appointee is over 18 years of age and is not bankrupt or has a criminal history.
Company Secretary
As per the Company Act, you must appoint at least one company secretary within six months of the formation of your company. You need to select a qualified and experienced individual who knows the Company's Law and is ordinarily a resident of Singapore.
You can appoint a Singaporean or permanent resident or a holder of employment, entrepreneur, S, or a dependent pass. A sole director of a company cannot be its company secretary.
Minimum Initial Paid-Up Capital
You need S$1 in the minimum initial paid-up capital for your Singapore business registration. You can increase the company's capital at any point in time after the formation of your company.
Local Registered Address
You must provide a registered physical address in Singapore for your company office. It has to be an address of a residential or commercial place. P.O. box address is not valid.
Simplify Your Singapore Business Registration
Many local business owners appoint a Singapore business registration services provider for the task. Many a time, they choose a registered filing agent.
These agents are authorized to interact with government agencies, submit documents, and pay the official charges. They have incorporation experts to advise you on your business formation and simplify it.
If you do not have a local director, your provider can arrange a nominee director. You can also pay these firms for a local registered address or a company secretary. They may also assist you in opening a corporate bank account for your new company.
Singapore is a great business hub to start your new business. It ranks in 2nd place for the 'Ease of Doing Business.' It is the reason why Singapore business registration is popular. It is a fast process, and you need only 1-3 days to form a new business in Singapore.