No Crypto-Ban to Take Place: Singapore Announces

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Cryptocurrency regulation

Tharman Shanmugaratnam – Singapore’s deputy prime minister, added on released report that the gov officials will not ban digital currencies as they are included in the regulatory plans.

On Mon, Feb. 5 – The deputy prime minister who is in the same time minister in charge of regulatory body the Monetary Authority of Singapore, published fourteen statements replying to questions that were put out by members of the parliament regarding policies towards cryptos:

“…(MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here,” the deputy PM said.

“But we will be subjecting those involved as intermediaries to our anti-money laundering regulations. And we will keep highlighting to Singaporeans that they could lose their shirts when they invest money in cryptocurrencies.”

Singapore [very similar to Japan] has created an environment with remarkable spacious freedom for blockchain and cryptocurrency to continue development.

In stark contrast to China and Indonesia, the city-state has favored Blockchain in particular as part of its bid to become a global hub for the technology.

Shanmugaratnam continued with highlighting out there is no systemic risk regarding actions taken with cryptos as there is no major exposure by the banking system to local entities in which digital currency related activity takes place:

“For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system,” he continued.

“…Further, connections between cryptocurrency trading and Singapore’s financial system are also not significant at present. Singapore’s banking system does not have any signficant (sic) exposure to global and local entities dealing in cryptocurrencies. We hence do not have broader, systemic risk concerns with regard to cryptocurrencies.”

Ravi Menon – MAS [ the Monetary Authority of Singapore] managing director, in Jan did reflect a similar positive standpoint for crypto’s future as he added on mainstream media that the director has high hopes for the digital currencies to continue developing even after a major crash.

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