Singapore Explores Additional Cryptoinvestors Protection

Singapore’s central bank is exploring whether additional regulations are required to protect cryptocurrency investors 
01 March 2018   599

Deputy Director of the Monetary Authority of Singapore (MAS) Ong Chong Ti said that the agency is currently "studying the need for additional rules in the protection of cryptocurrency investors," Reuters reports.

Such a statement may mean that the development is a new regulatory regulatory framework for crypto exchanges in Singapore, for the activities of which the authorities are now closely monitoring.

In October last year, representatives of the MAS said that the agency does not plan to regulate the circulation of crypto assets, but will counter money laundering using digital currencies.

In addition, on February 6, Deputy Prime Minister of Singapore Tarman Shanmugaratnam said that the government is not going to prohibit crypto trading. According to him, it is still too early to talk about certain measures in relation to the new technology.

Experts Ask China Don't be in Rush For Own Crypto

Ex deputy chairman of the Bank of China said the CB should take part in the development of international regulation of crypto assets firstly
27 January 2020   124

China should strengthen cooperation with other countries to regulate the cryptocurrency industry, and not accelerate the development of its own digital currency, experts say. It is reported by the South China Morning Post.

So, the former deputy chairman of the People’s Bank of China, Zhu Min, noted that the central bank, which is developing a digital yuan in many ways as Facebook’s Libra response, should first of all take part in the development of international regulation of such assets.

Ba Shusong, chief China economist for the Hong Kong stock exchange, also believes that monitoring digital currencies requires a system that is controlled from different angles, as they have the potential to change the global financial system.

You would need to first improve the regulatory framework for [financial] technology. There is a need for global cooperation for an alternative regulatory framework.

 

Ba Shusong

Chief China economist for the Hong Kong stock exchange

 

Many fear that the popularity of Libra could strengthen the dominant role of the US dollar. At the same time, Deutsche Bank analysts believe that the digital yuan will undermine the primacy of the dollar in the global financial market.

Hiromi Yamaoka, the ex-head of the Bank of Japan supervisor of payment and settlement systems, also emphasized that the upcoming launch of Libra has caused competition among central banks seeking to make their currencies and services more attractive.

Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology.

 

Hiromi Yamaoka

Former head of the Bank of Japan’s (BOJ) division overseeing payment and settlement systems