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