Singapore will not regulate crypto

Singapore Official says the republic has no plans of regulating Bitcoin or other cryptocurrencies
28 October 2017   1871

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.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.