Monetary Authority Will Closely Monitor Virtual Currency Use in Singapore
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said on Friday that the Monetary Authority of Singapore will be closely monitoring the use of digital currency in the country (which includes bitcoin, of course), and may even introduce regulation down the line if they feel it is appropriate. The news comes in a response to an inquiry from Parliament member Mary Liew, who asked whether the Singaporean government had plans to regulate digital currency, and whether they would educate the public on the risks of trading and investing in it, too. Tharman noted that there isn't....
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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....
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....
Ripple CEO Brad Garlinghouse pays tribute to the UK’s Financial Conduct Authority, as well as the Monetary Authority of Singapore. In a tweet, Garlinghouse spoke highly of the way each regulatory authority oversees their respective territories. Going further, Garlinghouse said it’s no wonder that both the UK and Singapore have burgeoning crypto industries. 1/ UK’s […]
"Singapore will not interfere with bitcoin and other cryptocurrencies". Good news from the Monetary Authority of Singapore (MAS), the country's largest central bank has chosen to not interfere with businesses who accept Bitcoin for goods and services. Though small in size, Singapore is one of the world's financial hotspots, mainly due to low taxes and relaxed private banking policies. Singapore also has the highest population of millionaires. Nearly 1 in six Singaporean citizens report household disposable wealth of $1,000,000 or more. Some saw this news as unexpected as an ominous warning....
Singapore’s financial regulator has added Binance to the investor alert list, signifying that the crypto exchange is unlicensed to provide payment services in the nation. The Monetary Authority Of Singapore Adds Crypto Exchange Binance To The Investor Alert List As per a report from Bloomberg, the Monetary Authority of Singapore says Binance doesn’t have a […]