Singapore‘s deputy prime minister, Tharman Shanmugaratnam, recently answered in a question and answer corner on the government site, including the government’s future regulatory plans to ban cryptocurrencies.
This question and answer section, consisting of 14 questions asked by members of the parliament, was published on the website last February 5 Monday.. On Tuesday, February 6 (today), Tharman Shanmugaratnam, deputy prime minister and minister of the Monetary Authority of Singapore [MAS], responsible for regulating cryptos, replied:
“As MAS, we closely follow and work with these developments and the risks they may pose.. As of now, we have not encountered a strong reason to ban cryptocurrency trading.”
Shanmugaratnam also said: we will subject it to the anti money laundering regulation that we have enacted. And we will continue to give the necessary warnings to Singaporeans, reminding them that if they invest all their money in crypto, they can even lose their pants.”
Over the past few years, Singapore has been open to innovations for cryptocurrencies and Blockchain for cryptocurrencies like Japan and
Unlike China and Indonesia, Singapore is embracing Blockchain technology and is doing its best to become the center of this technology globally.
Shanmugaratnam draws attention to the difference between Singapore and its neighbors. He stated that the volumes of transactions in question were small and, accordingly, their impact on the financial system was negligible.
“Cryptocurrencies currently available in Singapore, in terms of volume and structure, ensure the safety and integrity of our financial system. does not contain a threat to endanger. Moreover, there is little to no connection between trading cryptocurrencies and Singapore’s financial system.. Singapore’s banking system has no significant influence on any entity dealing with cryptocurrencies, globally or locally. Therefore, we do not have a broad systemic risk concern for cryptocurrencies.”
Last month, MAS managing director Ravi Menon made a similar statement about the future of cryptos. made statements to the media. Menon said that he believes that these assets and the technology underlying them can survive even a major collapse.
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