Virtual currency regulation
After studying the virtual currency and its transactions by the Central Bank of Singapore, Singapore emphasized that there is no reason for Singapore's ban on virtual currency trading among citizens.
Singapore Deputy Prime Minister Tharman Shanmugaratnam, who is in charge of the central bank, answered questions to the three European Parliamentarians (MEPs) at the British Parliament yesterday about the possibility of banning virtual currency trading in Singapore.
The question referred to the Chinese domestic exchange ban and the hostile attitude towards the Korean local trading market.
Deputy Prime Minister of Singapore said that it was "too early" to decide whether the virtual currency would succeed or not, and explained that it takes time to understand the "complete implementation".
Intermediary regulation is thinking
At the time, the central bank's chief pointed out the regulation of intermediaries such as exchange operators that Bitcoin himself does not need to regulate and must follow the current anti-money laundering and anti-terrorist financing laws.
The central bank's chief is considering regulating virtual currencies like bit coins under one retail payment service law.
Deputy Secretary of the Central Bank said, "Significant decline in big coin prices in the past few weeks proves the risk."
However, Singapore's senior officials emphasized that the authorities will continue to adopt a prudent approach to virtual currencies.