Home
News
- Cryptocurrency businesses could find Singapore as the global center
- Crypto-related activities helps the country to be at the forefront of such movement just because of the openness towards digital assets
- The Monetary Authority of Singapore has put a very regulation in the region
Cryptocurrency era has almost come, as the assets have already gained mainstream attention and attraction globally. Following the potential of these assets, several around the globe are steadily commencing to accept such assets. Following the scenario, Singapore is aggressively pursuing policies that will help the industry grow. Regulations globally are now varying considerably. On one side China has prohibited crypto firms and crypto-related operations in the nation. One the other hand, countries like Japan, United Kingdom, and Thailand have stricken their regulatory compliances. However, Singapore is trying to establish itself as the global cryptocurrency sector.
Cryptocurrency activities has helped Singapore
According to Ravi Menon, managing director of the Singaporean financial regulators, Singapore aims to establish itself as the world’s capital for cryptocurrency enterprises. He further added that the city-state might have been left behind and has not kick-started to deal with digital assets. Indeed, with crypto-related activities, Singapore will make an investment in a prospective future, and shape it.
Moreover, it is also observed that Singapore is at the forefront of such movement just because of the openness towards virtual currency. The nation had created such a legislative framework that favors the use of such assets. Simultaneously, the tax regime has also been tweaked to encourage the growth of the digital currency industry.
Monetary Authority of Singapore puts strong regulation
In Singapore, the financial regulators have put a very strong regulation in place. According to Menon, such measures allow the businesses to meet its requirements and address several threats to operations. However, it is significant that the country should increase its security measures to address threats that include illegal flows.
Hence, the city-state has become a magnet for the digital assets firms. Firms like Binance and Gemini could now rest after facing turbulence due to regulatory pressure globally.
Firms are seeking for an MAS license
It is also significant to note that following the implementation of crypto laws, last year, more than 170 firms applied for a license. However, since the time, only a handful of such businesses have gained the coveted licences. Also after interacting with the regulators, about 30 applicants withdrew their applications after interacting with the regulators.
