Central Bank MAS evaluates need of cryptocurrency regulations in Singapore, thus considering changes in regards to its previous remarks that called for a hands-off approach.
2 March, AtoZForex – The central bank of Singapore has informed the public about its intentions to look into the matter of cryptocurrency regulations. The authority appears to consider changes in regards to its previous remarks that called for a hands-off approach.
Central Bank MAS evaluates need of Cryptocurrency Regulations in Singapore
The Monetary Authority of Singapore (MAS) deputy managing director Ong Chong Tee has been quoted by a number of online reports noting an “assessment” about the new regulations of cryptocurrency in Singapore.
He has stated:
“We are assessing if additional regulations are required for investor protection.”
The latest remarks come in contrast with those of Singapore’s deputy prime minister Tharman Shanmugaratnam.
Earlier this February, Mr. Shanmugaratnam has told parliament that there were “no systematic risk concerns” posed by the cryptocurrencies to the banking sector or the global economy. That time, he has confirmed that Singapore will continue to carry on with its hands-off policy in regards to cryptocurrency market.
He has stated:
“…(MAS as been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.
But we will be subjecting those involved as intermediaries to our anti-money laundering regulations. And we will keep highlighting to Singaporeans that they could lose their shirts when they invest money in cryptocurrencies.”
Mr. Shanmugaratnam has also stated that authorities will continue to closely study Bitcoin and other cryptocurrencies. However, he did not mention anything about the upcoming possible regulations. Mr. Shanmugaratnam has also spoken in relation to the difference in the way how countries treat cryptocurrency market. He has highlighted that volumes of crypto trading is relatively small, just as the exposure to the financial system.
Earlier last month, the chief Fintech office of MAS, Sopnendu Mohanty has stated that the speculative activity from traders is posing a threat to the cryptocurrency market. He has added that MAS hoped to find a “use case in the long run” for Blockchain technology.
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