SINGAPORE EXPLORES RULES TO PROTECT INVESTORS IN CRYPTO-CURRENCIES
Singapore’s central bank is
assessing whether additional regulations are required to protect investors in
cryptocurrencies, an official said in a speech released on Thursday.
The city-state -
which is aiming to be a hub for financial technology and so-called initial coin
offerings in Asia - does not regulate virtual currencies and last year called
for the public to exercise “extreme caution” over investment in
cryptocurrencies.
Its central bank
does regulate activities involving virtual currencies if they pose specific
risks. For example, it imposes anti-money laundering requirements on
intermediaries providing virtual currency services.
“We are assessing if
additional regulations are required for investor protection,” Ong Chong Tee,
deputy managing director (Financial Supervision), Monetary Authority of
Singapore said.
Other countries such
as South Korea, where trading in cryptocurrencies is more popular, are looking
at ways to regulate that activity.
SOURCE: REUTERS
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