Singapore’s central bank has been studying the potential risks posed by cryptocurrencies, but there is as yet no strong case to ban trading of the digital coins in the city-state, Deputy Prime Minister Tharman Shanmugaratnam said.
Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies are growing internationally. It is too early to say if they will succeed. If some do succeed, their full implications will also not be known for some time.
Deputy Prime Minister of Singapore
Shanmugaratnam said that they will impose anti-money laundering and the financing of terrorism (AML/CFT) requirements on the intermediaries that buy, sell or exchange virtual currencies. The scheme was first set out last year in the public consultation for the proposed Payment Services Bill. He added that their enforcement agencies are always on the lookout should there be illegal activities on cryptocurrency trading.