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CryptoCurrency: Singapore finally bow to Pressure

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Towards last year ending, Monetary Authority of Singapore said investing in Bitcoin was dangerous and at such warned his subjects. However, situations are changing in Singapore. See more details below. 

Summary:
  • News from a reliable source has revealed that Monetary Authority of Singapore currently have no intention of banning crypto trading 
  • The adoption of regulations in other countries in the region has increased pressure on authorities in the city-state to clarify their stance on bitcoin, as more crypto companies in Asia are seeking friendlier business environments.
  • Below is what Deputy Prime Minister of Singapore Tharman Shanmugaratnam have to say; 
“Cryptocurrencies are an experiment. It is too early to say if they will succeed”, he said answering questions from lawmakers about the possibility to ban the trading of bitcoin and its alternatives.

“If some do succeed, their full implications will not be known for some time”, Shanmugaratnam noted in his
written answer to MPs, who asked him about government intentions after recent crackdowns in China and South Korea . He reminded them that the Monetary Authority of Singapore (MAS, the central bank) has been closely studying developments and potential risks.  He further added 

 “As of now, there is no strong case to ban cryptocurrency trading here”

  •  No Risk to the Financial System says the Deputy Prime Minister
“For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system.”
  • The Prime Minister concluded by saying “We will continue to encourage experiments in the blockchain space that may involve the use of cryptocurrencies. Some of these innovations could turn out to be economically or socially useful. But equally, we will stay alert to new risks”, the government official promised.
Do you think pressure from neighboring states who  embraced Crypto Trading contributes to this new stance of Singapore? 

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