Singapore Central Bank Governor: No Regulation for Cryptocurrencies
Singapore Central Bank Governor announced that there will be no regulation for Cryptocurrencies, but that they will continue to be careful against the risks brought by technology.
Singapore Monetary Authority (MAS)
strong> chief executive Ravi Menon said in an interview with Bloomberg that he currently “sees no reason for requesting to issue Cryptocurrencies”, adding: < “The misuse of Cryptocurrencies for illegal financing purposes is a known fact. That’s why we want to have anti-money laundering controls, to prevent the financing of terrorist controls. These requirements apply to activities around Cryptocurrency rather than Cryptocurrency itself.” According to Menon, The Central Bank is trying to formalize rules for digital currency intermediaries such as currency operators to prevent money laundering and other criminal activities. Singapore’s MAS minister Tharman Shanmugaratnam also said in its statement that the monetary authority “does not intend to regulate” while stating that it monitors activities surrounding cryptocurrencies. Also, initial coin offerings (ICO) MAS announced in August that it will regulate sales of digital tokens in Singapore, subject to certain issues falling into a security definition. Menon bloomer Along with some key critics of Cryptocurrency, including JPMorgan Chase CEO Jamie Dimon, who recently told g that bitcoin is a “fraud,” he is “open-minded about it.” ”. Join our Telegram channel to be informed about all developments and shares!