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Author Topic: Singapore Welcomes New Crypto Bank Accounts  (Read 124 times)
karanjhosi89 (OP)
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November 14, 2018, 12:19:33 PM
 #1

The Singapore government is all set to open the first fiat-crypto exchange in the country. The Financial Regulator is ready to help crypto companies set up local bank accounts.

According to the report, over 8,000 people have agreed to join the open public beta launch of Eurekapro’s new fiat-crypto exchange. The report further stated that a Singapore-based exchange would allow easy fiat-to-crypto trading. The exchange aims to make cryptocurrencies easily accessible to businesses and consumers.

Eurekapro offers its own tokens named EKT. The platform aims to provide extended fiat-to-crypto support in Asia. The new crypto exchange will allow users to conduct transactions with some regional fiat currencies. This includes Singapore Dollar, Malaysian Ringgit and Indonesian Rupiah.

Ravi Menon, Managing Director, The Monetary Authority of Singapore (MAS) stated that the authority would help crypto firms open local bank accounts. Singapore is looking forward to adapt cryptocurrencies and make the country a crypto hub.

MAS plans to place different crypto businesses into various categories. The first categories are called “Utility Tokens.” The first category of tokens refers to the use of blockchain technology to facilitate payments. Mr. Menon said that barely any regulation would be required for such activities.

Cryptocurrencies that resemble securities will fall under the oversight of Singapore’s Securities and Futures Act. Mr. Menon further stated that the crypto business is different from the fintech space. According to him, regulator’s primary concern is to discourage money laundering and protect the interests of consumers.
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Ghebung Masam
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November 14, 2018, 12:30:27 PM
 #2

I live in Asia, but I'm not too familiar and haven't heard of this project, can you give me the project link?

LeetPoolsOP
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November 14, 2018, 12:40:18 PM
 #3

I live in Asia, but I'm not too familiar and haven't heard of this project, can you give me the project link?
not amazing. Now there are too many projects and tracking them all is not possible. But after i've read this topic I also became interested. Please send me link in PM
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November 14, 2018, 12:45:17 PM
 #4

A well regulated exchange in a trusted financial hub like Singapore will be a great addition and can boost the global crypto market through addition of more trading in south eastern Asia. Any exchange offering fiat to crypto transactions will always perform well because people are wanting to avoid stable coins like the plague.

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November 14, 2018, 12:51:33 PM
 #5

The Singapore government is all set to open the first fiat-crypto exchange in the country. The Financial Regulator is ready to help crypto companies set up local bank accounts.

According to the report, over 8,000 people have agreed to join the open public beta launch of Eurekapro’s new fiat-crypto exchange. The report further stated that a Singapore-based exchange would allow easy fiat-to-crypto trading. The exchange aims to make cryptocurrencies easily accessible to businesses and consumers.

Eurekapro offers its own tokens named EKT. The platform aims to provide extended fiat-to-crypto support in Asia. The new crypto exchange will allow users to conduct transactions with some regional fiat currencies. This includes Singapore Dollar, Malaysian Ringgit and Indonesian Rupiah.

Ravi Menon, Managing Director, The Monetary Authority of Singapore (MAS) stated that the authority would help crypto firms open local bank accounts. Singapore is looking forward to adapt cryptocurrencies and make the country a crypto hub.

MAS plans to place different crypto businesses into various categories. The first categories are called “Utility Tokens.” The first category of tokens refers to the use of blockchain technology to facilitate payments. Mr. Menon said that barely any regulation would be required for such activities.

Cryptocurrencies that resemble securities will fall under the oversight of Singapore’s Securities and Futures Act. Mr. Menon further stated that the crypto business is different from the fintech space. According to him, regulator’s primary concern is to discourage money laundering and protect the interests of consumers.

if I may know, where is the source of the news?


I am from Indonesia, but if in Indonesia Crypto cannot be used as a payment instrument especially dealing with a Bank.
But if for Indonesian exchange the Rupiah is still allowed. Such as Indodax, Tokocrypto, etc.
If Singapore has used the crypto bank account. Maybe other Asian countries will also follow Singapur as is a modern country.
dddudidd
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November 14, 2018, 01:16:29 PM
 #6

changes continue to be offered and socialized by new projects, but why is the crypto market getting worse, this is my question?
bit-freedom
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November 14, 2018, 04:36:20 PM
 #7

Same here, I would like the source of the news as well. If the news is real, it is a good news that Singapore’s MAS is supporting crypto growth.

I tried to search but couldn’t find this news. The closest I can get is the following but it is nothing close to OP.


https://www.google.com.sg/amp/s/www.bloomberg.com/amp/news/articles/2018-10-10/singapore-aids-crypto-firms-seeking-banks-while-staying-vigilant
IgorShumilo
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November 14, 2018, 08:45:08 PM
 #8

I would be very happy if the author of this post writes a link to a news source where he got this information from. In recent years, I often read false information regarding the cryptocurrency market. Many are manipulating this, in the hope of some sort of course reaction.
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November 14, 2018, 09:10:32 PM
 #9

never heard about this project, because many start up launch in singapore, like new project called afincoin now based in singapore but i didn't get many information about this project, just read some article in crypto site

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jbarcenas18
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November 14, 2018, 09:12:45 PM
 #10

Sometimes news are not true they just making story to make them trending or something. Some people make news or blog just to create chaos about what cyrpto can do in the society.

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November 14, 2018, 09:16:23 PM
 #11

I'm also verifying if this is a real news but can't find a legit source.

OP wherever you copy - pasted this news, include the source. You may also see the forum rules about plagiarism.

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ityandsyn
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November 14, 2018, 09:35:47 PM
 #12

Same here, I would like the source of the news as well. If the news is real, it is a good news that Singapore’s MAS is supporting crypto growth.

I tried to search but couldn’t find this news. The closest I can get is the following but it is nothing close to OP.


https://www.google.com.sg/amp/s/www.bloomberg.com/amp/news/articles/2018-10-10/singapore-aids-crypto-firms-seeking-banks-while-staying-vigilant

       Although this is not the first country in Asia that you can convert your crypto into fiat money but it's still a great news for us as cryptocurrency enthusias since this can attract more investor in crypto because of accessibility in this particular country , so we will be hoping that other neighborhood country will follow .
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November 14, 2018, 11:45:22 PM
 #13

I like the direction Singapore is developing in. I think that in this country Fintech technologies have a great future. I think this country will be one of the leaders in the cryptocurrency market in the future.
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