No Crypto Ban for Us! Singapore Deputy PM Speaks Out
It’s a worrying time to be a crypto enthusiast. Major financial institutions such as banks in the US and Britain, and card giants such as visa are closing ranks in a bid to shut Bitcoin and its rivals out for good. Amongst the furore, China has imposed its own blanket ban, South Korea has come down hard on its exchanges and Russia is still extremely hesitant. However, there are safe havens. The most notable is of course Switzerland, where a number of companies are hiding out in a safe crypto haven. And now, Singapore has taken sides as well.
No Broader Risk
To address the issue, Singapore Deputy Prime Minister Tharman Shanmugaratnam has written a letter to his fellow members of parliament. In it, he says that a ban would be pointless as there is no particular risk to the country’s financial system at this point in time:
For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system. Its use in making payments is small, and trading volumes of cryptocurrencies in Singapore are also not high.
Now, this doesn’t mean that they are just going to sit back and allow free and open activity.The Singapore Monetary Serive stated back in Q4 of last year that measures were being taken to ensure that criminal activities and money laundering weren’t going on under the foil of crypocurrencies. In fact, they have already announced plans to inpose anti-money laundering regulations on exchanges and major buyers. In addition, they are conducting ongoing market analysis to check for any signs of illegal activity, or any change in situation within the crypto world that may indicate a shift in the amount of risk that the markets will have on the broader financial markets in Singapore.
For now, however, it’s happy days for traders, as they can go about their business freely, knowing that a China-style ban certainly isn’t around the corner – for now.
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