Monetary Authority of Singapore Poised to Regulate Digital Currency Use
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....
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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....
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....
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....
The Monetary Authority of Singapore, the city-state’s central bank, told a local trading platform that it would not interfere with its Bitcoin services. “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” officials told Coin Republic. This is congruent with previous statements the Singapore government made regarding its intention to remain uninvolved with digital currencies. This is one more piece of evidence for those who believe Singapore is poised to take over Switzerland’s role as the world’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....