The Deputy Prime Minister of Singapore said yesterday, speaking at a parliamentary session, that bitcoin, like the Singapore dollar, should be subject to legislation.
He noted that as part of anti-money laundering and anti-terrorism financing regulations, Singapore law will not differentiate between transactions involving fiat currencies and bitcoin.
“When it comes to money laundering or terrorist financing, Singapore law does not distinguish between transactions made using fiat currencies, virtual currencies or other new means of transfer of value... Consequently, AML/CFT requirements apply to all activities of financial institutions, whether in fiat or virtual currencies.” - Tharman Shanmugaratnam, responsible for the central bank of Singapore, said from the rostrum of parliament.
Despite recent promises to investors willing to invest in crypto platforms and crypto businesses, the Singapore Central Bank has reserved the ability to regulate cryptocurrencies and monitor the cryptosystem. Tharman Shanmugaratnam proposes to vest the Monetary and Financial Administration with supervisory powers in the field of crypto exchanges and exchangers.
“Like most innovations, this presents us with new opportunities, but also risks. The HLF is closely monitoring these developments and studying approaches taken in other jurisdictions. The main idea is that our policies and rules contribute to the development of innovation and reduce risks, including from AML/CFT,” added the Deputy Prime Minister.
That is, all means of payment in Singapore should now, according to the Deputy Minister, have a single legal field.
According to https://www.ccn.com
You May Also Like
Kazakhstan: the cryptocurrency market is under the radar of regulators
Beginning in 2018, the Kazakh authorities, seeing a threat in the still nascent national cryptocurrency market, immediately intensified their pressure on public and private financial institutions at the interface with cryptocurrencies.
Legalization of cryptocurrencies in Australia: freedom or restriction?
Cryptocurrency in Australia is officially legalized after the Australian Taxation Office voiced its dissatisfaction that the budget is being bypassed by tax revenues from transactions with bitcoin.
