Singapore is saying YES!

Marcelina ŁukaszewiczWritten by | cryptocurrency, news, regulations

Singapore is saying YES!

Finally good news! After a long time of big decrease of cryptocurrencies’ value, many new regulations, here comes information from Singapore.

As we wrote earlier, not only Lloyds Banking Group blocked a possibility of purchase cryptocurrencies by credit cards but also J.P. Morgan Chase did the same. Against that news, Singapore’s government doesn’t see a reason to ban cryptocurrency trading.

Tharman Shanmugaratnam, Singapore’s deputy prime minister and director of Monetary Authority of Singapore (MAS), said in a composed reaction to MPs yesterday that digital currency and related exchanging movement right now don’t represent any risk to Singapore’s finance system.

He expressed that MAS has been “closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.”

The remarks came as an immediate reaction to legislators Saktiandi Supaat, Lim Biow Chuan and Cheng Li Hui, who scrutinized the PM over the probability of restricting digital currency in Singapore.

“For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system. Its use in making payments is small, and trading volumes of cryptocurrencies in Singapore are also not high – they are much smaller than in countries like the U.S., Japan and South Korea.”

Shanmugaratnam said that regulators “do not have broader, systemic risk concerns with regard to cryptocurrencies.”

What do you think about it? Tell us in a comment section below.

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Last modified: February 7, 2018

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