The vice-prime minister of singapore, in charge of economic and social policy, and chairman of the monetary authority of Singapore (MAS), Tharman Shanmugaratnam has responded to journalists ‘ questions regarding the evaluations of the organization and the regulations that relate to the crypto-currencies as well as the ICO.
He said that the regulator of singapore did not recognize the Bitcoin as a legal currency. He added that the MAS looks likely to regulate the companies that specialize in the trade of Bitcoins, rather than the crypto-currency itself.
The main mission of the MAS
Shanmugaratnam gave his answers on issues relating to the regulation of crypto-currencies in the country. He has said that the crypto-currencies and the ICO were not under the law of Singapore today.
The President of the MAS has, in particular, responded to various questions : “Is it that the singaporean government would put in place a system of control to monitor the market of crypto-currencies ? How these virtual currency, will they influence their economy ? Studies have been carried out to assess the risks associated with investing in crypto-currencies ? Is there a need for regulatory frameworks ? Questions that most of the country authorizing the use of these digital currencies arise.
Singapore is always behind in terms of crypto-currencies
According to the president of the MAS, the central bank of Singapore does not yet consider the crypto-currency as a lawful currency. He added that the authority has monitored the use of virtual currencies. Shanmugaratnam said that the use of crypto-currencies is not very widespread in Singapore.
The vice prime minister stressed that about 20 retailers, such as restaurants or online stores now accept Bitcoins. He explained that the volume of transactions in the country is significantly lower than that produced by the dominant markets like Japan or even the United States. It will have to wait a few years to see these crypto-currencies will develop in the country, ” he adds.
Source : News.Bitcoin