Singapore’s central bank has released plans to investigate whether additional official regulations are required to protect investors for crypto-currency trading and activities that require exchange platforms online.
It’s no secret in the finance world that Singapore is aiming to be a hub for financial technology and the umbrella of initial coin offerings (ICOs) definitely falls into this category. Asia historically has not made efforts to regulate virtual currencies and last year warned the public to exercise extreme caution whilst dealing with any and all investment in cryptocurrencies.
The central bank of Singapore currently regulates activities involving virtual currencies if they pose specific risks. For instance, it imposes anti-money laundering requirements on intermediaries providing virtual currency services.
“We have investor protection at the forefront of our minds, and with that being said, we are competently assessing if additional regulations will be required” Ong Chong Tee, Deputy Managing Director (Financial Supervision), Monetary Authority of Singapore (MAS) stated.
Other countries such as South Korea, where trading in cryptocurrencies is becoming more popular, are also looking at ways to regulate such activities. Whether you are a crypto-advocate or crypto-sceptic, there is no denying that virtual currencies are taking the online services market by storm.