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Singapore Races to Adopt Cryptocurrency First

Redwan Eid | Sep. 24, 2018
Singapore Races to Adopt Cryptocurrency First

24 September, AtoZ Markets – Singapore has recently taken further steps to approach introducing cryptocurrencies into the economy, TechCrunch says.

The news outlet reported that the Singaporean government has “a well-thought-out plan” in that direction, which could turn the state into the first country to adopt cryptocurrencies.

Singapore Consensus 2018, which just finished the last week, witnessed broad discussions among the regulators, with regard the the difficulties that many could face with the new system.

Singaporean Financial Regulators Pioneer in Cryptos

Financial experts described the conference as being “open” to thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss and create new links that might form the base of the future of the industry, according to media outlets.

Observers see that the Singaporean financial regulators are far ahead of their peers in many other developed countries in their understanding of the industry.

Analysts read the Singaporean authorities’ position as they seem to know what they are talking about and how they are planning the future.

It is worth mentioning in this context that MAS categorises cryptocurrencies in three groups; utility tokens, payment tokens, and security tokens.

“MAS takes a close look at the characteristics of the tokens, in the past, at the present, and in the future, instead of just the technology built on.”, said Damien Pang- Head of FinTech Ecosystem and Infrastructure at MAS, stressing that MAS will not restrict blockchain or cryptocurrencies, and they do not aim to “regulate technology itself rather than regulating the purpose of it”, as per Pang.

Resources reported as well that MAS does not plan to impose regulations on all cryptocurrency products.

MAS had expressed that they see "No Securities" in tokens.

The Cryptocurrency Battle - Which State Will Win?

Having taken a more advanced initiative in the space of digital assets, Singapore finds itself in a battle with other nations which plan for issuing their own cryptos.

Malta is another country that is keeping an eye on the waves of cryptocurrency, to tokenise its financial assets.

“Over the last months, the Maltese government has actively solved how to position Malta as a major hub in terms of the digital economy, which will play a central role in the economic sustainability of the years to come. The Maltese government has legislated three acts that will provide legal certainty to this space, involving DLT and digital financial products and services such as virtual currencies and ICOs,” said Prime Minister Joseph Muscat.

Observers find that Malta continues to take the lead in attracting innovative blockchain and cryptocurrency ventures., and that the state has attracted the attention of the Shariah Compliant cryptocurrency exchanges.

In a parallel context, Colombia, in its turn, welcomes cryptocurrency and blockchain technology firms, after Malta.

President of Colombia- Ivan Duque, announced at the International Congress on Information and Communication Technologies his support for cryptocurrencies.

President Duque declared that his country will not impose income tax on any of the cryptocurrency firms based in Colombia for 5 years

Colombia had invited cryptocurrency firms to set up their business on its land.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.