Singapore Will Not Ban Cryptocurrencies Says Deputy Prime Minister

ยท 08 Feb 2018 in Crypto News, Home

There is a world divided into two. The countries that want to strongly regulate the cryptocurrency market and these that do not want to do it. Singapore’s Deputy Prime Minister, Tharman Shanmugaratnam, explained that they do not have intentions to ban cryptocurrencies. Mr Shanmugaratnam also manages the Singapore Monetary Office (MAS).

Singapore Against Cryptocurrency Ban

Singapore’s MAS is working carefully with cryptocurrencies. The office is analysing the market and thinking about how to avoid the secondary effects of the virtual currency market. But they have clearly stated that Singapore will not ban cryptocurrencies.

In a statement, Shanmugaratnam commented:

“MAS is carefully monitoring these events and the potential risks they pose. So far, there is no strong argument to prohibit trading in cryptocurrencies. Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally. It is too early to say if they will succeed.”

Other countries in Asia have been implementing different regulations. China and South Korea have been the hardest ones. South Korea has decided to impose strict Know Your Customer (KYC) and Anti Money Laundering (AML) policies. China has decided to ban cryptocurrency trading activities and Initial Coin Offerings (ICOs).

Back in October 2017, Ravi Menon, head of the MAS, said that it is important to regulate the market around cryptocurrencies. As they can be used for illegal activities in many different fields.

“Our attitude is to keep an open mind about Bitcoin. Very few jurisdictions regulate cryptocurrencies per se. The currency itself does not pose the kind of risks that require regulation. Our intention is to look at the activity around the cryptocurrency (Bitcoin) and then make an assessment about which regulation would be suitable.”

The official position held by the MAS and the government of Singapore didn’t change during the last months. Since then, Bitcoin and the cryptocurrency market reached new all time highs. Bitcoin arrived at $20,000 dollars in December and since then it lost more than 60% of its value. At the moment, Bitcoin is being traded around $8,200 dollars.

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