Bitcoin: finally getting regulated

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Bitcoin is getting regulatedSingapore has followed the USA’s footsteps to start regulating Bitcoins. A major concern for the Monetary Authority of Singapore (MAS) is potential money laundering through Bitcoins. MAS have started a public consultation on regulating of intermediaries involved in dealing with Bitcoins. Shops and merchants won’t be regulated. A consultation might last up to 12 months. After the consultations completed, the regulations will come into force. Under the new regulation, intermediaries have to report any suspicious transactions to MAS. At this moment, Singapore doesn’t consider Bitcoin as a currency. Singapore is the fourth world financial Center. Singapore has created a friendly business and tax environment leading to the popularity of Singapore offshore companies and Singapore bank accounts.