Singapore Confirms It Will Not ‘Ban’ Cryptocurrency, Has No ‘Risk Concerns’
NEWS
Singapore's deputy prime minister Tharman Shanmugaratnam provided new commentary on the government’s commitment “not to ban” cryptocurrency as part of its future regulatory plans.
In a series of fourteen statements published Monday, Feb. 5 in response to questions posed by members of parliament 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.
“...(MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here,” the deputy PM said.
“But we will be subjecting those involved as intermediaries to our anti-money laundering regulations. And we will keep highlighting to Singaporeans that they could lose their shirts when they invest money in cryptocurrencies.”
Like Japan, Singapore has highlighted itself as a permissive environment for both cryptocurrency and Blockchain innovation over the past few years.
In stark contrast to China and Indonesia, the city-state has favored Blockchain in particular as part of its bid to become a global hub for the technology.
Addressing the disparity between Singapore and its neighbors, Shanmugaratnam noted that volumes involved were comparatively small and exposure to the financial system correspondingly insignificant.
“For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system,” he continued.
“...Further, connections between cryptocurrency trading and Singapore’s financial system are also not significant at present. Singapore’s banking system does not have any signficant (sic) exposure to global and local entities dealing in cryptocurrencies. We hence do not have broader, systemic risk concerns with regard to cryptocurrencies.”
Last month, MAS managing director Ravi Menon sounded similarly bullish on crypto’s future when he went on record to mainstream media to say he hoped assets and their underlying technology would survive a major crash.
Credit to: William Suberg, CoinTelegraph 6 Feb. 2018
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There is a lot being said, but I think the actual movements made in the next 6mo to 1yr may set the stage. With Korea working to block crypto, other markets may follow suit.
I mean where there is a will there's a way, but, they can make it difficult without "banning".
I agree with you on the point that the next 6-12 months may set the stage for certain developments and directions, as their are so many unknowns in this space still, but as far as making things difficult, I really believe that 'where there's a will, there's a way'. If you look back through history, there are no really successful 'bannings' of anything. If 'someone' wants 'something' bad enough, there are means to obtain.
Right, but bitcoins value (for example) is still heavily predicated on the ability to cash out to local currency, no matter what anyone says to the contrary.
It's not established enough to stand on its own, not yet.
not sure what platforms are available to you where you are based, but here in Australia, I dont need to 'cash out', or revert back to local currency, to spend BTC. I am actually able to pay a bill, for example a utility bill, in BTC through a platform directly. (BPay in satoshi's, same as you would with the local Fiat). There are also multiple BTC ATM's being rolled out around the world allowing direct access to crypto's in local currency. There are also swipe cards being issued, that allow loading and spending BTC, automatically converting crypto's to local fiat. The balls rolling, and I really don't think it can be stopped. We, the people, have spoken!