Singapore will not regulate crypto

Singapore Official says the republic has no plans of regulating Bitcoin or other cryptocurrencies
28 October 2017   2242

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.

Facebook to Launch GlobalCoin in 2020, BCC Says

Facebook consults with representatives of the US Treasury Department and Bank of England  about regulating the initiative named Libra
24 May 2019   43

Operator of the world's largest social network Facebook Inc. will launch a new payment network based on its own cryptocurrency in the “dozen countries” in the first quarter of 2020, the BBC reports.

The publication claims that Facebook consults with representatives of the US Treasury Department and Bank of England Governor Mark Carney about regulating the initiative, code-named Libra.

At the same time, the Financial Times reported that Facebook is already in talks about listing GlobalCoin on the American exchanges Gemini and Coinbase. 

Sources of the publication said that Facebook is discussing with the trading firms Jump and DRW the prospects of market-making and liquidity.

Previously, the media claimed that the company is also in talks to support the initiative with Western Union, Visa and Mastercard.

Testing the network is supposedly scheduled for the third quarter of this year.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. Its profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.