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Friday, October 27, 2017

Crypto News: Central Bank of Singapore Sees No Reason to Regulate Cryptocurrencies

Central Bank of Singapore Sees No Reason to Regulate Cryptocurrencies

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, expressed in an interview on Tuesday that “Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin,” Bloomberg reported. However, he added that it “will remain alert to money laundering and other potential risks stemming from their use.” He was quoted saying:

"As of now I see no basis for wanting to regulate cryptocurrencies."

Instead, the central bank will focus on looking at “the activities surrounding the cryptocurrency and asking ourselves what kinds of risks they pose, which risks would require a regulatory response, and then proceed from there,” he detailed.

Ramon’s stance confirmed a statement by Singapore’s Deputy Prime Minister, Tharman Shanmugaratnam. Responding to a parliamentary question regarding cryptocurrency regulation, he said, “we regulate the activities that surround them [cryptocurrencies], if those activities fall within our more general ambit as financial regulator.”

Full story at

Source: Bitcoin News

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