[2017-10-26] Singapore Central Bank: No Reason to Regulate Crypto

[iamTom123]

Singapore has no plans to regulate cryptocurrencies such as bitcoin, according to the head of the Monetary Authority of Singapore. However, some laws are being formalized that could apply to some cryptocurrency activities and initial coin offerings (ICOs).

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.

Source: Bitcoin.com

I can see a good future for Bitcoin and cryptocurrency in Singapore and this just is making a big sense. Why? It is because Singapore is a country which can never boost of many natural resources...they can however be good in human resources that is why Singapore is known as a trading country.

And with their skills, Singapore can be a big hub for cryptocurrency. Everything can fit well with the type of economy Singapore has. If things would go well for Singapore, being a big part of the cryptocurrency movement (just like Japan) can indeed be a big good news for all of us and the many Bitcoin enthusiasts all over Singapore and its neighboring countries. Wherever there are a big entrepreneurial activities and inclination, you can be sure that Bitcoin can take a good root, flourish and be an influential part of the business culture.

Go, Singapore!

[Nameless27]

Singapore is indeed a great country, they don’t want to regular bitcoin because they trust they’re citizens and because how strict the law against illegal activity the people are following the law. This is the first country that I haven’t doubt it’s intentions towards its people. They are reasonable enough to do it this way.

[panju1]

This is a good strategy. ICOs are nothing but fund raisers and they can be regulated. Crypto currencies are best left alone. Frame some rules for exchanges, but not for everyday use of the currency.

[Lucius]

This is in any case a very different attitude to cryptocurrencies than we can see it recently from many governments around the world.I like their thinking
and the direction in which they go,let people use it and observe situation so at any time they can react appropriately.It's interesting to see that eastern cultures have greater understanding and tolerance to cryptocurrency if we exclude China from that.But even they return to the game with opening of their exchanges again.I hope the western world can draw some lessons from Japan,Singapore and others to create a better environment for cryptocoins.

[Kemarit]

Good decision by Singapore. Eventhough  are a tiny nation, they can still contribute to crypto market by not regulating it. And it looks like they are looking at Japan now and not China. We have to understand that Singapore is a IT hub for many years now and I think this is the main reason why they government is inclined toward crypto's. I'm sure that many Singaporean bitcoin community is very much happy to see that their government is friendly to bitcoin and crypto's for that matter. I'm betting that Singapore will be among the top Asian giants to spear head the crypto's in the next coming years.

[peter0425]

Singapore is indeed a great country, they don’t want to regular bitcoin because they trust they’re citizens and because how strict the law against illegal activity the people are following the law. This is the first country that I haven’t doubt it’s intentions towards its people. They are reasonable enough to do it this way.

Yeah, I've been to Singapore and yes they are very very strict. That's why they have this saying of "Singapore is a fine" city. LOL. You have to follow there's law otherwise you will be fined by the authorities.

They trust their citizens on how to deal with cryptocurrency or bitcoin activity. They know their citizens enough that they are not going to heavily regulate cryptocurrency. Besides the population in Singapore is very young, they are one Asia's hub together with India as far as Information Technology is concern. So imagine those population going into bitcoin, it's gonna be huge for the ecosystem.

[Marry Finch]

Singapore's somewhat strange statement that measures will not be taken in this country to regulate the circulation of crypto-currencies. However, immediately after such a statement, it is indicated that the state will assess the risks associated with the crypto currency and take appropriate measures. However, here arises the natural question: will Singapore establish a profit tax on operations with crypto currency?

[eckmar]

Not that it surprises me really. They are the leaders in technology of course they are looking to accept cryptocurrencies. A lot of tech companies have their headquarters in Singapore, it will only benefit them even more.

[BLAST2MARS]

I think I admire Singapore more than my own country because of this. If only my country will also do this then I will not make any plans to migrate in the future.

[Diced90]

I really appreciate how these guys have handled the whole idea of enforcing regulations of cryptocurrencies considering most countries have tried to be strict on this issue but great news seeing bitcoin got a green light which is the right thing to do, hope ICO's consider legit projects if the want to exist.

[Granxis]

I have been able to go to Singapore a few times, it is absolutely wrong to take such a position against Bitcoin, although innovation is an open country. Of course I talk about banks. Also the streets are really very clean and tidy.

[SvenBomvolen]

Singapore is one of the richest countries in the world with rough legislation, but they decided to stay neutral to Bitcoin and crypto-currencies. I think that was the right decidion to them, cause of crypto-currencies are bringing progress with itself and every economic that stayed open for it will feel on themselves in a positive way.

[tomahawk9]

It's a matter of time until Singapore accepts Bitcoin nationwide as a method of payment for pretty much everything. And I'm glad that the Central Bank made this statement, we've been hearing how Central Banks around the world are still on the fence about cryptocurrencies, makes me think that there's still rich and powerful people with a rational process of thinking regarding cyrptocurrency and what it could be in the new future.

[xFiber]

Decisions like this are the reason Singapore is one of the leading countries when it comes to innovation and entrepeneurship. It's very intelligent from them to take this stance towards bitcoin. On one hand you're holding the door open for entrepeneurs and investors but on the other hand you can always try to protect citizens from scammy ico's (this still needs reasearch to see if it's necessairy to take regulatory measures). I've always seen Singapore as a land of opportunities and this press releases only confirm that.