Singapore will not ban the crypto-currency

In the framework of the future regulatory plans in Singapore, the vice-Prime minister has just confirmed that crypto-currencies will not be prohibited. This has reassured a lot of investors.

A clear decision

Tharman Shanmugaratnam, deputy Prime minister and minister in charge of the regulatory body of the monetary Authority of Singapore (MAS), has been questioned by the deputies. Among the many questions raised by the parliamentarians, crypto-currencies were obviously the heart of the debate.

Pixabay – Walkerssk / Singapore will not ban the crypto-currency for the time being.

The politician has been very clear on the position adopted by the countries : “The monetary Authority is studying these developments closely and the potential risks they pose. At the present time, there are no good reasons to prohibit the trade of crypto-currencies here. “

A fight against money laundering

On the other hand, the vice-Prime minister has not failed to remind that the fight against money laundering was a real priority. Also, a regulatory framework should soon be proposed to try to fight cybercrime, which is on the rise because of the virtual currencies.

The politician also warned the residents of Singapore who are likely to invest in the crypto-currency : “And we will continue to highlight to Singaporeans that they could lose their shirt if they invest money in crypto-currencies. “

Pixabay – Cegoh / The politician asked the people to invest with caution in the digital currencies.

The line of conduct is, therefore, clear. Singapore continues to promote the technology and still wants to become a hub for the sector at the global level. Tharman Shanmugaratnam has reiterated that the risks associated with crypto-currencies were extremely low : “For the time being, the nature and extent of the trade of crypto-currencies in Singapore does not pose a risk to the security and integrity of our financial system. “

Therefore, there is no need to worry about Singapore that does not prohibit the crypto-currencies, contrary to what some rumors seemed to announce.

Source : CoinTelegraph