Singapore to Consider Regulation of Cryptocurrencies 29 June 2017

Singapore to Consider Regulation of Cryptocurrencies

Blockchain & Bitcoin Conference took place on 22 June in Saint Petersburg where participants from different countries discussed key trends of crypto industry and creation of favorable framework for cryptocurrencies.

Singapore is a leading Asia’s financial technology center having a powerful innovations ecosystem. There are a number of companies working in Singapore which are of utmost importance for the global blockchain system. Recently the MAS of Singapore has announced it is considering certain anti-money laundering guidelines for the bitcoin industry. Currently there are certain concerns that the absence of clearly defined regulations may prevent bitcoin operators from converting proceeds raised in bitcoin into traditional currencies due to objections by banks related to AML&compliance concerns.

Bitcoin industry is growing fast but at the moment it doesn't create a major risk to the financial system of Singapore. Cryptocurrency guidelines will be primarily designed to eliminate risks arising from crypto resources being outside the jurisdiction of banking and financial regulators. First of all, such measures will allow defining the nature of bitcoins and other virtual currencies, classifying them as well as determining which statutory rules might apply to them.

Amendments required for the regulation of cryptocurrencies will be introduced to Singapore laws no sooner than in two years. This is due to the procedure of approval of new rules by the national legislature. Steps taken by Singapore evidence  the intention of Singaporean authorities to preserve its attractiveness for investors and to enhance its status as a large financial center capable of ensuring legality, transparency and safety of assets.


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