Singapore: Central Bank Assessing Need For More Cryptocurrency Regulation

Singapore: Central Bank Assessing Need For More Cryptocurrency Regulation
Cryptocurrency regulation may be on the horizon in Singapore as authorities look closer at “investor protection.”

Singapores central bank has said it is again looking at cryptocurrency regulation, appearing to amend previous comments about a hands-off approach, Reuters reported Thursday, March 1.

Part of a speech quoted by various publications Thursday saw the Monetary Authority of Singapore (MAS) deputy managing director Ong Chong Tee note an assessment about possible new regulations of cryptocurrency in the city-state.

We are assessing if additional regulations are required for investor protection, he said.

The latest comments contrast with those of Singapores deputy prime minister Tharman Shanmugaratnam, who in early February 2018 told parliament that there were no systematic risk concerns posed by the phenomenon to the banking sector or wider economy.

While Shanmugaratnam added authorities continued to closely study Bitcoin and associated assets, Shanmugaratnam made no mention of regulation being on the horizon.

A week later in mid-February, MAS chief fintech officer Sopnendu Mohanty said in an interview with CNBC that speculative activity from traders posed a threat to cryptocurrency as a whole, adding that MAS hoped to find a use case [ ] in the long run for Blockchain technology.

As Cointelegraph reported last week, Singapore remains one of the most permissive environments for businesses in the Blockchain and cryptocurrency spheres.

Singapores approach has even spawned an international government fan club, with lawmakers in Kazakhstan publicly announcing their wish to follow in the city-states footsteps regarding Blockchain policy in particular.

05.03.2018 / 09:45 40
New Proposal For Crypto Regulation in Italy: Analysis, Opinions, Context New Proposal For Crypto Regulation in
The Italian Ministry of Economics is working on a decree that would introduce new crypto regulations. The Italian Ministry of Economics is working on
Mexicos Cryptocurrency Regulation Awaits Presidential Signature Mexicos Cryptocurrency Regulation
Cryptocurrency will see official regulation in Mexico once its president signs it into law, reports say. Mexico is just one signature away from
Mexican Lawmakers Pass Cryptocurrency Regulation Bill Mexican Lawmakers Pass Cryptocurrency
Lawmakers in Mexico have reportedly advanced a bill that was drafted to regulate fintech, including cryptocurrencies, in the country. According to
UK Central Bank to Clamp Down on Crypto Money Laundering UK Central Bank to Clamp Down on Crypto
The head of the U.K.'s central bank has said that the institution will step up its efforts to combat the use of cryptocurrencies in illegal financial
South Africas Central Bank Launches Ethereum-Based Blockchain PoC South Africas Central Bank Launches
The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based
Mexico?s Congress Approves Cryptocurrency, Crowdfunding Regulations Mexico?s Congress Approves
Mexicos lower house of Congress recently approved a bill thats set to regulate the financial technology (fintech) sector in the country. The bill
Comments (0)
Add a comment
Comment on