Singapore will not ban cryptocurrency

[Sir Cross]

Singapore's Prime Minister Tharman Shanmugaratnam said the country's government will "not ban" cryptocurrency.
In Asia, Japan and Singapore are the best markets for cryptocurrency and blockchain in recent years. In China, Vietnam, Indonesia banned bitcoin and the cryptocurrency market, Singapore was very active in developing Blockchain and cryptocurrency markets.

Good to hear countries embracing the benefits of blockchain technology but I believe China's ban of bitcoin and Cryptocurrencies is just a rumor and sounds so manipulative to me. I don't think countries like China will ignore the benefit of blockchain technology, as what the recent news says they are very much interested to it and willing to work with other countries to develop a good blockchain project.

Even though I haven’t verified, I believe the ban would be something that China would likely do. China has already banned Google and you would need to use a VPN in order to access it. Their internet is very filtered and censored so it goes to show how controlling their administration it. I don't see China as a country that is open to foreign and unfamiliar things and although that blockchain technology should benefit them, I think that they would rather not deal with it since it may pose some 'threat' to their country as they have little to no control over it.

[Taltic]

Some countries are just preparing for crypto and integrating some rules for crypto. So when they make a move, we with help of media begin to think that they are banning the crypto. Something like Korea case recently.

[Indrawan77]

Yes countries should prepare for the crypto, it's a great technology, it will be a shame to shut down this great technology, and I am relieved to see Singapore is not banning crypto, if more countries released this kind of statement, bitcoin will be back on track and will have a bigger power to be used by all people

[AltheaHeart14]

This is a good news,  we all know that singapore is one of the progressive countries now a days, if people in singapore support btc it will give a big impact on bitcoin.

[cryptocurrencyguru]

Some countries are just preparing for crypto and integrating some rules for crypto. So when they make a move, we with help of media begin to think that they are banning the crypto. Something like Korea case recently.

That is the major shit happening in the media, already Singapore government mentioned they are looking into crypto and in some articles they mentioned they don't find anything negative about the cryptocurrency. Sooner they will come up with some regulation for cryptos.

[shahzadafzal]

Wow after ages.. that is one good news in world of crypto currency

[Don Pedro Dinero]

What is clear is that some countries are taking advantage in the crypto market. There is a lot of money in crypto and a lot of business to be done, if some countries ban cryptos there is more market for others.

Apart from that, I read in a local forum that some people from my country go to Singapure to exchange bitcoin for cash. I don’t know to what extent that is true but it has to be worth it to pay for the trip and also I think you can’t come back with more than 10.000€ through the customs.

[Rooster101]

There is a possibility that Singapore will follow what Japan has done in legalizing bitcoin and other cryptocurrencies. But it might also impose some kind of regulations on any exchanges operating inside the country. Almost all asian countries have the tendency to control every business that operating inside their territory. They may not against the cryptocurrencies but they want to control it.

[uelque]

Singapore's Prime Minister Tharman Shanmugaratnam said the country's government will "not ban" cryptocurrency.
In Asia, Japan and Singapore are the best markets for cryptocurrency and blockchain in recent years. In China, Vietnam, Indonesia banned bitcoin and the cryptocurrency market, Singapore was very active in developing Blockchain and cryptocurrency markets.

Really good to hear! Singapore is one of the country where I want to go, and I'm gonna be so sad if bitcoin soon becomes illegal there. But does Vietnam already banned bitcoin?   I never heard that news ever until I read your post. Can someone please give me a link on some country where bitcoin is already banned, I'm quite out of news from the last few weeks because of things that matter most, and should've done first. Thank you!

[xankor]

They did not ban cryptocurrency because in them interests to develop Bitcoin!

[ramirocryptobanana]

In a series of fourteen statements published on Feb. 5 in response to questions posed by members of parliament on tuesday, Tharman Shanmugaratnam, deputy prime minister and minister in charge of regulatory body the Monetary Authority of Singapore (MAS), confirmed a broadly hands-off policy regarding cryptocurrencies going forward.

[smith136]

There is a possibility that Singapore will follow what Japan has done in legalizing bitcoin and other cryptocurrencies. But it might also impose some kind of regulations on any exchanges operating inside the country. Almost all asian countries have the tendency to control every business that operating inside their territory. They may not against the cryptocurrencies but they want to control it.

As long as a big market as singapore will not ban trading of cryptocurrency it should be, regulations are created just to protect the investment of the people under their jurisdiction. I think government don't want to control cryptocurrency but rather fight those people taking advantage what hype crypto already made these days.

[richminded]

This is a good news,  we all know that singapore is one of the progressive countries now a days, if people in singapore support btc it will give a big impact on bitcoin.

Singapore have a strong economy and people there are easily adopting this kind of technology, this is really a good news and a start of great future for cryptocurrency, I hope that everyone will finally adopt this new system and hopefully not to control over it cause this is really not going to happen.

[orions.belt19]

This is a good news,  we all know that singapore is one of the progressive countries now a days, if people in singapore support btc it will give a big impact on bitcoin.

Singapore have a strong economy and people there are easily adopting this kind of technology, this is really a good news and a start of great future for cryptocurrency, I hope that everyone will finally adopt this new system and hopefully not to control over it cause this is really not going to happen.

Far from happening. Governments will always try to attempt to take over control - even over things that involve technology such as crypto and bitcoin. It’s good that countries are now adopting but I think what would come next after this are a bunch of regulations. Just now, countries are already attempting to have some control on the matter such as the bans made by China.

[FirEaSeA]

Singapore can stand on its own just like South Korea and Japan and it's usually the qualities of a country that allow crypto.

[Neljose]

Singapore have no reason to ban bitcoin because they have a futuristic plan. Also, lets face it, bitcoin is the future and any nation who embraces it now is sure to be at the fore front of that future.

[reddolphin]

one of the best explanations..please nobody prevent our business and do not try to be..

[darklus123]

That's pretty good since bitcoin is currently gaining its momentum. That could really put up some lift. That is what i really like about the two best countries in asia IMO. Japan and singapore has always been open to technological development like cryptocurrency. When the time comes that bitcoin will now be highly adopted in singapore. I will definitely tries to visit

[Theb]

This is a good proof on how Fake News can spread so fast in the cryptocurrency community. That is why I don't believe on something first if the news came from an unreliable site. But reading news that came from reuters confirms Bitcoin is legal in Singapore. It took as a long time to confirm something that is fake and it cost a lot of loss to traders. We should practice caution when it comes to what news to believe or not as we shouldn't be affected in the first place so that our decisions won't be affected by it.

[futureofeth]

Some countries are just preparing for crypto and integrating some rules for crypto. So when they make a move, we with help of media begin to think that they are banning the crypto. Something like Korea case recently.

Media is propagating negative news about the Crypto's, not only Singapore there are many countries seriously looking how to legalize the Bitcoin and cryptocurrency. Maybe soon they will come up with a solution for making legal regulation for the cryptocurrency.