Home Cryptocurrency Central Bank of Singapore To Release Bitcoin, Cryptocurrency Regulation – Bitcoin Magazine

Central Bank of Singapore To Release Bitcoin, Cryptocurrency Regulation – Bitcoin Magazine

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Central Bank of Singapore To Release Bitcoin, Cryptocurrency Regulation – Bitcoin Magazine

Singapore’s central bank will unveil plans next month to make the country a hub for bitcoin and other digital assets. In the wake of the infectious disease outbreak, many companies hid behind regulatory barriers in Singapore. The country seeks to protect consumer and investor entities by properly regulating these barriers, while encouraging businesses within the ecosystem.

According to a press release from the regulator, the Monetary Authority of Singapore (MAS) will publish plans next month detailing guidelines for Singapore to become a hub for bitcoin and other cryptocurrencies.

While the country seeks friendly relations with those seeking to do business in the larger cryptocurrency space and become a hub for digital assets, much of the press release details the scrutiny of Singapore’s intention to use Singapore as a shield for bad practices. The importance of entities setting stricter expectations. In the contagion of a downward trend that has driven the market over the past few months, some companies that have collapsed due to falling asset prices have made Singapore their base of operations.

“In reality, these so-called ‘Singapore’ crypto companies have little to do with crypto-related regulation in Singapore,” said MAS managing director Ravi Menon.

Essentially, according to MAS, some companies claiming to be compliant in Singapore were either not properly registered, did not follow MAS’s guidelines or proper licensing procedures, or completely ceased management under MAS’ oversight prior to bankruptcy. The companies cited in the report are TerraForm Labs — which publicly allocated huge treasury funds to Bitcoin before the crash — and Three Arrows Capital, which recently fell to market conditions.

As such, MAS seeks to both encourage commercial conduct within its jurisdiction and pursue consumer protection and market conditions. In a forward-looking statement, Menon has an outlook on what will be included in the framework to be released at the Green Buds Symposium.

“We will explain our position on cryptocurrencies, stablecoins, blockchain, tokenization, smart contracts, digital assets, and more — their risks and opportunities; drawbacks and potential,” Menon continued. “We will articulate how our development and regulatory approaches will work in harmony to achieve Singapore’s vision as an innovative and responsible digital asset hub.”

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