Singapore said there is no strong reason to ban the encrypted transaction

Singapore said there is no strong reason to ban the encrypted transaction


A senior government official told lawmakers the monetary authority of Singapore has been encrypted currency development in research, there is no reason to ban the encrypted transaction. Other countries in the region of the city state regulations increase the pressure of the authorities, asking them to clarify their own country bitcoin position, because Asia more encryption company is seeking more business friendly environment.

Now say… It is still too early.

Singapore Deputy Prime Minister Shandaman told delegates, “encryption number and form of currency in the world are growing. Crypto currency is an experiment. Now say they will succeed too early, “he answered the lawmakers about prohibiting bitcoin transactions and other alternative problems.

Shanmugaratnam written in answer to Congress pointed out that “if some people succeed, they will be in full effect within a period of time not known.” After China and South Korea’s recent crackdown, someone asked him about the government’s intentions. He reminded them that the monetary authority of Singapore (HKMA, central bank) has been paying close attention to developments and potential risks. He insisted, “so far, banned in the country encrypted currency trading is not enough.”

According to reports, TharmanShanmugaratnam last month to clarify the government position on encryption currency. He stressed that the financial authorities do not distinguish the encryption currency and currency, to prevent money laundering and terrorist financing. Responsible for the HKMA minister also said that the central bank will encrypt the currency trading participants applied existing legal requirements.

This time, Shanmugaratnam was asked whether the government to take any measures in considering the ban bitcoin transaction, and what measures to take to protect consumers from investing in unregulated currency losses. Lawmakers want to know whether the encryption market crash to make any assessment of the impact of singapore. Deputy Prime Minister asked whether he plans to re consider the establishment of a regulatory framework.

There is no risk to the financial system

“Now, crypto currency has two main uses. The first is as a means of payment. Second kinds of situation has become more prominent, it is encrypted currency itself is an asset, “Deputy Prime Minister told lawmakers. He said: “in these two applications, the potential technology that exists in block chain or distributed in the form of books, may prove in the promotion of payment and trade settlement is one of the potential uses of the application.”

According to the deputy prime minister said that MAS is involved in the discussion of international supervision. Nevertheless, encryption monetary space is rapidly changing, the regulatory thinking is still in development, including in the United States, Britain and europe. Shanmugaratnam pointed out that the use of encryption currency in Singapore is limited, trading volume is much smaller than Japan and South Korea and other countries to. He said:

“At present, constitute the nature of risk Singapore encryption currency transactions and the scale does not affect our financial system security and integrity.”

“We will continue to encourage the blockchain field experiment, which may involve the use of encryption currency. Some of the innovations that may be useful in economy or society. But government officials promised, as we will remain vigilant for new risks.”

Regional encryption pressure

Neighbouring governments regulatory measures taken to increase the pressure of the Singapore authorities, asking them to clarify their attitude of encryption. At the same time, more and more from the area of encryption company is seeking a more friendly regulatory environment, their target of singapore.

Last year, for the first time Chinese ban bitcoin issue, as well as the encryption currency exchange main Huobi, Okcoin and BTCC were transferred to Hongkong, and further plans to transfer to South Korea and japan. Chinese largest mineral company has been in the planning of migration. According to reports, some of the largest mining facility operator Bitmain in Singapore to set up regional headquarters.

Working with Chinese and Japan encryption currency supervision cooperation in South Korea has taken measures to stop the anonymous encrypted transaction. South Korean regulators directed attacks against the major commercial banks are trying to prevent, to exchange encrypted virtual account customers open.

The Vietnamese government has accelerated the pace of monetary regulation using encryption. Thailand is to take further regulatory measures for the first time issued coins. The central bank has issued a strong warning to prohibit the transaction of encryption currency. To accept bitcoin payments by the government against the enterprise.

All of these for the development of Singapore has opened a window of opportunity. If the Singapore government commitment and encourage may involve currency without encryption test, under the ban, the city state can take advantage of this.

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