Published On: Thu, Oct 26th, 2017

Singapore Will Not Regulate Cryptocurrencies and Partners with Hong Kong for Fintech

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Singapore is putting itself out in the forefront of blockchain activity by announcing no regulations for cryptocurrency and entering into a fintech agreement with Hong Kong.
Singapore is making some waves when it comes to cryptocurrency like Bitcoin. While Singapore has a lot of ties to China when it comes to culture, education, and economy, it’s not following China’s lead when it comes to digital currency. China has banned ICOs and forced a number of exchanges to shut down, but Singapore is singing a different tune. In fact, the country has no plans on regulating cryptocurrency.

No Regulation for Bitcoin
There are times when it seems like the entire world is going crazy for Bitcoin and other cryptocurrencies. Luckily, the head of Singapore’s central bank has come out and said that the country has no plans on shackling the continuing rise of cryptocurrency by regulating it. Monetary Authority of Singapore Managing Director Ravi Menon said:
As of now I see no basis for wanting to regulate cryptocurrencies.
Menon then went to add that the bank’s focus should be to:
… look at the activities surrounding the cryptocurrency and asking ourselves what kinds …

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