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.
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.
