Singapore: Central Bank ‘Assessing’ Need For More Cryptocurrency Regulation

Singapore: Central Bank ‘Assessing’ Need For More Cryptocurrency Regulation


The central bank of Singapore said that it is again looking at the cryptocurrency regulation, appearing to amend the previous comments on the approach with a power outage, reports Reuters on Thursday, March 1.

Part of the speech voiced in various publications on Thursday, noted deputy director General for the Monetary Authority of Singapore  (MAS) Ong Chong Tee, marking the “assessment” of possible new rules of cryptocurrency in the city-state.

“We assess whether additional requirements are needed to protect investors,” he said.

Recent comments contrast with the comments of Singapore deputy prime minister Tharman Shanmugaratnam, who in early February 2018 told parliament that “there are no systematic dangers associated with this phenomenon for the banking sector or the wider economy.”

While Shanmugaratnam added that the authorities continued to “carefully study” bitcoin and related assets, Shanmugaratnam did not mention that regulation is on the horizon.

A week later in mid-February, fintech MAS chief Sopnendu Mohanty told CNBC that the speculative activity of traders creates a threat to the entire cryptocurrency, adding that MAS hopes to find “a precedent […] in a long run” for Blockchain technology.

As Cointelegraph reported last week, Singapore remains one of the most licensing environments for business in blockchain and cryptocurrency areas.

Singapore’s approach even spawned an international government fan club, and legislators in Kazakhstan publicly expressed their desire to follow in the footsteps of the city-state with respect to the policy of Blockchain in particular.

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