Singapore has grand ambitions to become a global cryptocurrency hub

 

Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest growing areas of finance.

“We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms.

Instead, MAS is putting in place “strong regulation,” so firms that meet its requirements and address the multitude of risks can operate, he said in an interview.

Nations differ vastly when it comes to how they handle crypto: China has cracked down on large amounts of activity in recent months, Japan only recently allowed dedicated crypto investment funds -- though El Salvador has embraced Bitcoin as legal tender. In the U.S., while there are an abundance of options for investing in the burgeoning asset class, regulators are concerned about everything from stablecoins to yield-generating products. Read More

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