Singapore Chose to Regulate Bitcoin Intermediaries
Bitcoin can be regulated in a number of ways and control of the operators is the choice that Singapore officials decided to make. So, looks like Singapore government decided to put all paperwork in the hands of the Bitcoin traders. Quite convenient indeed, why regulate transactions if one can just take a sneak peek at those who commit the acts of turning fiat into digital coins and back. This idea came from the Monetary Authority of Singapore (MAS) previous Thursday. Ong Chong Tee, the Managing Deputy Director has supported the government’s intention with a warning statement that users of....
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Singapore has seemingly been a utopia for new bitcoin ATM launches, but that doesn't mean it's a free-for-all. The Monetary Authority of Singapore released a statement on Thursday indicating plans to regulate virtual currency intermediaries. The reason? No surprise here: to address potential money laundering and terrorism financing. The statement outlines that any intermediaries that facilitates that buy, sell, or allow the exchange of digital currency for fiat currency shall first verify the identity of their customer. These outfits are also expected to report suspicious activity to....
The Monetary Authority of Singapore (MAS) is to regulate virtual currency intermediaries in order to address potential money laundering and terrorist financing risks. A statement from MAS said the anonymous nature of virtual currency transactions leave them particularly vulnerable to these risks. In response, MAS is introducing regulations requiring intermediaries that operate virtual currency exchanges and vending machines to verify the identities of their customers. They will also be required to report any suspicious transactions to the Suspicious Transaction Reporting Office. Ong Chong....
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At a time when many central banks and regulators are issuing bitcoin warnings and taking steps to limit bitcoin-related trades, Singapore's central bank has decided to steer clear of bitcoin, for now at least. The Monetary Authority of Singapore (MAS) told Singapore-based trading platform Coin Republic that it will not interfere with bitcoin adoption. The authority said: "Whether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene." According to TechInAsia, the statement isn't surprising, as the government has....