Two local bodies representing financial-technology firms have had their Singapore bank accounts shut down and the funds frozen. The closures come in light of the recent China governments decision to outlaw Bitcoin, and the affected companies in question specialise in providing cryptocurrency and other similar online payment services.
The head of Singapore’s Cryptocurrency and Blockchain Industry Association noted that the same thing is happening in other countries. A Bitcoin association urged the Singapore government to step in. As the predominant use of Bitcon has grown at such a rapid pace in recent years, legislation is struggling to keep up. Whilst the cases are being decided, the companies funds will be frozen until further notice.