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Tag Archives: Monetary Authority of Singapore

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Why Singapore Could be the Next ICO Hub

  By David Drake   Last month, the Monetary Authority of Singapore (MAS) expressed willingness to help cryptocurrency companies in the country facing challenges when opening bank accounts. In doing so, the MAS has stated, though categorically, that it has no plans of relaxing the current cryptocurrency rules in order to attract more crypto-based companies to operate in the country. According to the managing director of the MAS, Ravi Menon, this move is largely aimed at drawing fintech startups and banks closer together and enhancing their working dynamics. While clarifying the need to support cryptocurrency firms, Menon was quick to note that the regulator is not aiming to create a regulatory environment that is extremely lax to appeal to cryptocurrency businesses. Advocating for Fintech Singapore has been advocating for the development of its fintech sector as an avenue for economic diversification and job creation. At the same time, the country ... Read More »

How Singapore’s Monetary Authority Efforts Could Foster Partnership between Banks and Crypto Firms

  By David Drake   Singapore is a country that has been building a good reputation in the world for its favorable investment environment. But beyond having a strong economy, the Singaporean government has offered support to the cryptocurrency industry and has legally allowed the use and trading of crypto with a view of gaining first-mover advantage over other countries. It is for these reasons that cryptocurrency firms have moved to set up business in Singapore. For instance, Binance, the world’s largest cryptocurrency exchange by trade volume has a license to offer exchange services in the country. The company even chose to test its fiat-to-crypto service on its cryptocurrency trading platform in Singapore. Despite these strides, crypto firms in the country have lamented over a lack of regulatory clarity in the country, a factor that has been impeding their operations as some companies were unable to open bank accounts. In ... Read More »

Crypto firms opening bank accounts: relation to Singapore cryptocurrency industry success

  By David Drake   Singapore is among the top countries that have a vibrant cryptocurrency industry, coming third after the US and Japan. In a bid to boost cryptocurrency industry growth, the country’s financial regulator, the Monetary Authority of Singapore (MAS) made public its plans to help cryptocurrency firms operating within its borders to open bank accounts locally. Previously, the absence of appropriate regulations has made it difficult for crypto-related businesses to run bank accounts in the country. Even so, this decision by the MAS does not in any way imply that the regulator is relaxing the regulatory environment so as to attract  new cryptocurrency firms to Singaporean market. Creating Jobs The Singaporean government has been keen to boost its economic performance for purposes of creating more jobs. The move by MAS seems to be a strategy to boost financial sector performance and spur economic growth. It is expected ... Read More »

Singapore’s Financial Regulator Supports Companies to Open Bank Firms Despite Strict Crypto Regulations

  By David Drake   Singapore continues to make groundbreaking moves in the cryptocurrency world. The country has been lauded as one of the most crypto-friendly environments despite the fact that the central government has not yet recognized cryptocurrencies as legal tender. In a move that is likely to make the country more attractive to cryptocurrency companies, the country’s financial regulator, the Monetary Authority of Singapore (MAS) expressed willingness to assist cryptocurrency firms to open bank accounts. The MAS managing director, Ravi Menon believes that such a move will foster greater development in the fintech industry. Across the world, countries such as India and China have placed regulatory roadblocks between cryptocurrency firms and banks. This move makes it impossible for businesses operating in the cryptocurrency space. Rise of Cryptos Concerning new cryptocurrency entrants to the market, Menon remains firm which makes it harder for them to conduct financial transactions in ... Read More »

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