Singapore & Cryptocurrencies

Singapore & Cryptocurrencies

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ingapore has taken a different position compared to most countries towards cryptocurrencies. It has taken a more liberal approach into welcoming Startups. Due to its great crowdfunding platforms, Singapore has emerged as the third largest ICO market after the US and Switzerland.

As of right now, even though it is legal, Singapore does not regulate cryptocurrencies but MAS (Monetary Authority of Singapore) which happens to be the main regulator of the financial field in Singapore, does regulate activities involving cryptocurrencies, and even issued a guidance for investors to better secure themselves when getting involved in ICOs.

Guide on ICOs in Singapore, written by MAS based on SFA (Security and Futures Act) regulations based on Cap.110.

BUT only monitors this crypto world to focus on potential risks. Even though they do not regulate the actual cryptocoin system, they do pay very close attention to risks in any cryptocurrency activity, and at the site of one, like money laundering, they bring it in to be investigated and taken care of. (Very much like SEC in the US.) As mentioned above in the guidance, MAS uses the regulations used by SFA to measure the possible risks in cryptocurrency activities, like ICOs. They are also considering creating a legal framework for those interested in taking a part in the cryptocurrency.

Well the real question should be HOW NOT?!

Singapore is known for being in the top-class communications network and carrying as a trophy a reputation for financial technology (fintech). And as expected, its republic was one of the early-birds involved in the blockchain ecosystem.

Singapore is also known for having a favorable taxation system, modern regulatory system around fintech, and happens to be THE FINTECH HUB in the South Asia area. Want more? Singapore has an association that supports small and medium cryptocurrency blockchain companies (SMEs). And these are just some of the very attractive traits that are bringing to Singapore loads of startups from all around the world.

Sooooo, ICO HUB HUH?!

Yes, as a matter of fact the third largest, did I mention?

The reason ICOs have been so popular and successful in Singapore is because MAS (Monetary Authority of Singapore) has shown concern and taken the time to investigate it to communicate to the public community the understanding needed around these fundraisers. The fact is that MAS has been doing a great job at monitoring the industry, giving answers and feedbacks that are clearly reflecting in the growth of ICOs, by giving the industry a fair level of security to everyone involved.

Final thought…

As you can see Singapore is the cryptocurrency market place of the moment. A favorable place for serious sellers and investors to come together.

Even though tokens are yet to be recognized as ‘money’ by MAS, this cryptocoin world in Singapore is rising and promising for all the right reasons.

Now, be prudent in this relatively new crypto business world, even though there are many good things to work with in Singapore there are also all the unresolved issues with regulations. So just make sure to stay awake, aware and informed.

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