Singapore Will Not Regulate Cryptocurrencies
At least one country seems to be speaking sense in regards to crytocurrencies, Mr. Ravi Menon, Singapore's Chief of Central Bank, in an interview with Bloomberg, stated that Singapore will not be regulating cryptocurrencies unnecessarily.
Unnecessarily should be a key word here, for just like anything, absolutely no regulation is a recipe for disaster as well, in the interview, Singapore's Chief of Central Bank clearly stated that regulation for the prevention of money laundering and illicit activities pertaining to cryptocurrencies will be dealt with accordingly and regulated accordingly.
In its statement, the MAS said it “remains committed to developing Singapore as a reputable financial center and fintech hub.” That requires “pairing a progressive and nurturing environment for fintechs together with strong controls to mitigate risks such as fraud and money laundering.”
“We must be mindful that new technological developments and products bring with them new areas of risks, which the financial industry and regulatory authorities should pay heed to.”
It is refreshing to see at least 1 country with a sound policy on cryptocurrencies, and honestly, it should be no surprise that it would be Singapore.
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Singapore Knows What's Up
Singapore's main focus on the global arena, is, as a financial hub, alongside Hong Kong. It is paramount that Singapore took a hard and serious look into cryptocurrencies and to truly understand it's potential impact. It seems, that is exactly what has happened, as Mr. Menon clearly displays in the interview to have in-depth understanding of the use and applications of cryptocurrencies now and in the close future.
With it's policy on cryptocurrencies, and as earlier reported by Bitopia, of Singapore becoming a hub for ICOs, Singapore is looking more and more like the go-to place for not only cryptocurrencies, but growth of the Blockchain Technology sector as whole.
If one comment can sum up why this is a good move for Singapore, it would definitely be this comment :
God Speed Brethren.
!originalworks
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Some similarity seems to be present here:
https://www.bloomberg.com/news/articles/2017-09-26/singapore-cryptocurrency-firms-facing-bank-account-closures
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Getting to Singapore just got easier!
United is selling seats on an 18-hour flight for $177 (LAX->SIN)
Granted, it is United... so there's that.
https://www.cnbc.com/2017/10/30/united-is-selling-seats-on-an-18-hour-flight-for-177.html
That's crazy! I'd recommend anyone to go, Singapore is somewhere the world has alot to learn from, not only in policy making, but how the city is maintained.
God Speed Brethren.
Hey again! Just to let you know, I just posted a long long post about Satoshi Nakamoto if you are interested to give it a read!
The Chronicles of The Father of Blockchain : Satoshi Nakamoto [Deep Dive]
Cheers!
Hi @bitopia,
you seem to know much about Singapore, do you live there? I'm wondering as I'm curious if there is a Singapore Steemit community gathering there already.
Thanks for sharing your thoughts. Cheers
Up-Voted for International News on Blockchain and Being a Singapore Specialist!
btw. where is that site/link commenting on moving to avoid tax from?
Indeed I am. :)
Though I am not there right now.
Not to my knowledge, I did a google search for Steemit + Singapore, and saw no such group, was pleasantly surprised to see this article as the 3rd search result though!