Singapore lawmakers consult with the premier on cryptocurrencies regulatory initiatives

nBankruptcy comment: Singaporean MPs consult the premier of the country’s encrypted currency regulatory program, hoping to assess the government’s position, whether it is possible to prohibit the transaction. However, the current attitude of the Authority is that the transaction will not be supervised. At present, there is still no clear and clear regulatory trend in the world.n
nTranslation: Annie_Xun
Singaporean MPs have shown interest in setting rules for the domestic cryptocurrency industry.n
The minutes of February 5 set out the parliamentary agenda for the day, with the three legislators asking Prime Minister Lee Hsien Loong to rate the government’s stance on the question of currency regulation.n
MPs Saktiandi Supaat, Lim Biow Chuan and Cheng Li Hui asks the Prime Minister whether the government reconsider drafting a regulatory framework and the possibility of a domestic ban on cryptocurrencies.n
Earlier, media reports said that although the Monetary Authority of Singapore had outlined its position in ICO products, the HKMA said in October last year that it did not intend to regulate cryptocurrencies.n
Although the schedule does not indicate that a bill would be drafted, it revealed the interest of legislators in that country in formulating a regulatory framework for cryptocurrencies.n
And Supaat and Cheng also demanded that the government evaluate the work on money laundering and tax avoidance in cryptocurrencies and how to protect investors in the cryptocurrency collapse.n
Prior to this, China, South Korea and other countries have started to limit the currency encryption activities.n
Although China closed down all cryptocurrencies and planned to ban users from accessing foreign websites, South Korea also forbid virtual currency trading in cryptocurrencies, although it is unclear whether plans to further limit exchanges will continue.n

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