POST Online Media Lite Edition



 

Singapore: Cryptocurrencies are experiment, we'll see will they succeed

Staff Writer |
Singapore’s Deputy Prime Minister, Tharman Shanmugaratnam, explained that they do not have intentions to ban cryptocurrencies.


Shanmugaratnam also manages the Singapore Monetary Office (MAS). "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).


What to read next

Singapore becomes IEA association country
Singapore suspends all trade ties with North Korea
Singapore and Australia to share data to fight tax evasion