HomeAltcoinCentral Bank of Singapore to Release Plans for Cryptocurrency Regulation !

Central Bank of Singapore to Release Plans for Cryptocurrency Regulation !

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Singapore’s central bank will announce plans to make the country a center for bitcoin and other digital assets next month. The country aims to safeguard consumers and investors by appropriately regulating these entities, while also encouraging firms to operate in the ecosystem. The Singapore Monetary Authority (MAS) will publish proposals outlining the standards next month.

As the nation strives to build cordial connections with crypto enterprises, it emphasizes the significance of setting higher standards for entities who aim to use Singapore as a cover for unethical conduct. During the current market downturn, some of the firms that have imploded as a result of falling asset values have named Singapore as their base of operations.

“In truth, these so-called ‘Singapore-based’ cryptocurrency enterprises have little to do with Singapore cryptocurrency legislation,” stated MAS CEO Ravi Menon.

According to the MAS, several of the firms that claimed to be in accordance with Singapore rules were not legally registered, did not follow MAS standards or necessary licensing procedures, or simply ceased to exist before their insolvency. TerraForm Labs, which openly devoted a significant amount of capital to bitcoin before falling, and Three Arrows Capital, which more recently succumbed to market circumstances, are the firms listed in the article.

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