According to Tharman Shanmugaratnam – head of Monetary Authority of Singapore (MAS) – right now Singapore is supportive of cryptocurrency and blockchain innovation but won't stand any money laundering operations or fraudulent ICOs.
This statement has been an official answer to the earlier questions by parliament members about legal state of Bitcoin and other digital currencies in Singapore. A lot of people have been worried about legal position of cryptocurrencies, even with rather vocal governmental support of blockchain technology. Now all this fear have been brought to rest, for a time at least.
“...(MAS) has been closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here,” Shanmugaratnam said.
“But we will be subjecting those involved as intermediaries to our anti-money laundering regulations. And we will keep highlighting to Singaporeans that they could lose their shirts when they invest money in cryptocurrencies,” head of the MAS continues.
Also, he went on to say that right now Singapore banking system doesn't have a lot of connections to cryptocurrencies and trading, so no regulatory action from government will take place in the near future. All of this is directly tied to the ongoing trend of trying to establish Singapore as a local, maybe even global hub of technology. And acceptance of digital currencies and blockchain very well may be one of the most significant steps in that direction.