Singapore seems to aim to challenge Japan’s dominant position in the region when it comes to cryptocurrency exchanges and cryptocurrency popularity. On Tuesday the country adopted new legislation, called The Payment Services Act, which will allow global cryptocurrency companies to work in the Singaporean jurisdiction if they apply for a proper license. This legislation is considered to be the first step toward regulating all business dealing in digital payments or cryptocurrencies. It will officially allow the Monetary Authority of Singapore to supervise the cryptocurrency sector for money laundering, cyber security risks and terrorism financing. Cryptocurrency exchanges based in Japan are already planning to apply for a new Singaporean license too.
I think this is great news. Legalization and proper oversight will push cryptocurrencies in the mainstream. If only more jurisdiction would adopt that attitude.
It is good thing because countries wants to play safe and to watchout what is happening with cryptocurrencies.
This way they will control crypto world in some way compared with the current status.
Maybe they also see something in it for the future.
They would not considered cryptocurrency in this range if they do not think it will have some benefit.
I think it’s a good thing. Cryptocurrencies are clearly here to stay whether we like it or not, by taking it seriously and implementing regulation countries can at least mitigate the inevitable scams.
Sticking their heads in the sand will make things worse, not better, I think.
Phh, dude. Do you really think, that it will differ from the common one? It’s just an ambiguous statement for getting the people’s attention. Moreover, it isn’t the secret, that a lot of big companies, which deal with the crypto are from the East. For example, OQEX Global, its site - https://oqex.io, is a cryptocurrency exchange run by OQEX Limited, one of a most trusted and long-living cryptocurrency exchanges in China Mainland. OQEX Global is supposed to provide best services not just in a home country, but to a whole world. Shared liquidity between two platforms will allow OQEX Global to attract new users by deep order book hosted in original OQEX. Summarizing, I want to say, that of course, we can wait something really useful for the crypto’s area from the Singapore, but I’m sure, that it won’t be the new “crypto industry”.