Singapore Explores New Rules to Protect Crypto Investors

Singapore Explores New Rules to Protect Crypto Investors

in Bitcoin
Reuters reports that Singapore’s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech released on Thursday. Deputy Managing Director of MAS Ong Chong Tee, said on Thursday in his speech that his agency is currently "assessing the need for additional rules in the field of investor protection", although he did not elaborate on the details. MAS regulated activities involving virtual currencies, but only in the event, they posed specific risks. Explaining some of the risks, Tee shared that the regulator imposed anti-money laundering requirements on intermediaries providing virtual currency services. The monetary authorities are already paying close attention to domestic cryptocurrency activities. In response to parliamentary inquiries, the chairman of MAS Tharman Shanmugaratnam said earlier that although Singapore is unlikely to prohibit the trade in cryptocurrencies, his agency has been considering the possibility of introducing rules for anti-money laundering and terrorism financing rules on exchanges. But even this regulatory stance may be tweaked to offer investors protection in order to raise investments made in a new sector in Singapore. Singapore may be eyeing financial markets such as Switzerland, that have come as a hope for many crypto-currency investors and projects. Switzerland in recent times has become a hub of sorts for cryptocurrency projects or ICOs (Initial Coin Offerings). Zug, the financial center in Zurich is upcoming as an interesting case-study for various countries. Besides tax sops, Swiss authorities have also provided cheaper electricity, and the weather has also worked out as an advantage. Swiss authorities, including the Finance Minister and the Minister for Economic Affairs, have been quoted in various news sources, arguing that blockchain technology could be harnessed to regain the old banking culture of Switzerland.  

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