Singapore will not regulate crypto

Singapore Official says the republic has no plans of regulating Bitcoin or other cryptocurrencies
28 October 2017   822

An official of Monetary Authority of Singapore (MAS), which serves as the central bank and financial regulator of Singapore, claims that MAS has no plans of regulating cryptocurrencies. According to the man, the central bank is to continue being “an open mind”, though there's the necessity of establishing anti-money laundering control in the future.

We’ve taken the approach that the currency itself does not pose the risk that warrants regulation. Our approach is to look at the activity around the cryptocurrency and then make an assessment of what regulation would be suitable. It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes, so we do want to have AML/CFT controls in place. So those requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself.
 

Ravi Menon
MAS Managing Director

On top of that, Menon mentions that if cross-border remittance through cryptocurrencies like Bitcoin is more convenient and efficient, the central bank and scholars should focus more on how to use Blockchain and cryptocurrencies to benefit more people. 

In fact, Singapore has always been in favour of the Blockchain technology and cryptocurrencies. Earlier this month, the Monetary Authority of Singapore unveiled the successful development of three different blockchain models for decentralized inter-bank payment and settlements. Thus, the prototypes were developed using R3’s Corda, the open-source Hyperledger Fabric and JP Morgan Chase’s Ethereum-based Quorum. On October 25, Singapore and Hong Kong announced a cooperation on a cross-border trade project based on Blockchain technology by linking their trade finance platforms.

Litecoin foundation has expressed its positive attitude on the republic's policy.

Singapore is indeed a nice place. We are happy that we were registered here. Good news for other startups here as well.
 

Litecoin Foundation

Thus, with “an open mind”, Singapore could be one of the most important countries for the development of Blockchain technology.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   71

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.