Singapore sees no risks in cryptocurrencies …
Singapore does not see risks in cryptocurrencies that could be of interest to regulators
Singapore is not going to regulate bitcoin, and the central bank’s position in relation to cryptocurrencies will remain open. This was stated in a conversation with Bloomberg by the head of the Monetary Authority of Singapore, which acts as the central bank and financial regulator of the country, Ravi Menon..
When asked whether Singapore would regulate cryptocurrencies if it succeeds in becoming one of the world’s hubs for blockchain startups, Menon noted that only a few jurisdictions practice cryptocurrency regulation..
“According to our position, the currency itself does not carry risks that would require regulation. We will continue to monitor activity around cryptocurrencies and can decide on the need for regulation based on these observations, ”he said..
He also pointed out that the government expects cryptocurrency intermediaries such as exchanges and trading platforms to take the necessary action to combat money laundering themselves..
“Everyone knows that cryptocurrencies are quite often used in illegal activities, so we really want to see control over money laundering and terrorist financing. However, these requirements should apply to activities around cryptocurrencies, and not to the cryptocurrencies themselves, “Menon added..
He also noted that the growth in the rate of cryptocurrencies this year is associated primarily with the excitement that has arisen around them, while the possibilities of cryptocurrencies are not limited to their ability to serve as a store of value..
“People see them primarily as an investment instrument that will continue to grow in value. I think this is the wrong approach to using cryptocurrencies. They can be used in various fields. It is not the price of the cryptocurrency that matters, but how it is used, ”he said..
Recall that earlier it became known that the Monetary Authority of Singapore intends to contribute in every possible way to the development of the blockchain sphere. Today there are about 50 blockchain startups in Singapore.
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