Some serious steps have been taken by Singapore regarding crypto adoption and regulation. The central bank of Singapore, MAS (Monetary Authority of Singapore), has newly disclosed its intention to make the country a worldwide hub for crypto. As per Ravi Menon, MAS’ managing director, the country would be severely exposed to the danger of being abandoned in the latest financial revolution in the case of not participating in crypto-related operations. Thus it is the ambition of the country to enter the game in advance.
He added that having involvement in crypto-based activities essentially provides a chance of investing to assist in the future, the actual form of which has not been clarified up till now. Nonetheless, if it does not take this head start, it could lose in the latest financial competition. An early entrance to the crypto field provides better chances to understand the potential advantages as well as the risks thereof, he explained to Bloomberg.
The regulator pointed towards the future scenario when cryptos will turn out to be the largest financial means and wished the country to get well-placed. Menon wished Singapore, which is even now having a good repute being a flourishing worldwide financial hub, to take advantage out of its status and take a step making it a prominent crypto hub of the future. He considered that apart from being disruptive and beneficial for the financial field, crypto will additionally produce jobs, bring massive gains for the country’s economy, and add worth to services.
Presently, Singapore is excellently making crypto regulations across the continent of Asia. In the last month, licenses have been approved by Singapore for a couple of crypto exchanges under the Payment Services Act thereof. The top financial and banking sector regulator currently has its attention towards Bitcoin-inspired cryptocurrency that will make comprehensive advancement to the consumer experience regarding Project Dunbar (the experience of the cross-border transaction). The development of the currency is being carried out in collaboration with JPMorgan bank (the bank for global investments).
Singapore’s struggle goes opposite to China which is continuously restricting crypto through various plans such as severe crackdowns over the crypto industry. Crypto is also getting significant attention in other countries like El Salvador, which has recently adopted Bitcoin (BTC) as a legal tender. Australian regulators are thinking about approving crypto as well.
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