Tag Archives: Singapore

Singapore Launches Blockchain Challenge with Funding Prizes

Singapore’s government is launching a challenge that will reward successful blockchain projects with funding. In an announcement Thursday, Singapore’s Infocomm Media Development Authority (IMDA) said the challenge aims to boost blockchain innovation as part of a wider goal of the digital transformation in the city state. Continue reading Singapore Launches Blockchain Challenge with Funding Prizes

Central Bank ‘Assessing’ Need For More Cryptocurrency Regulation

Singapore’s central bank has said it is again looking at cryptocurrency regulation, appearing to amend previous comments about a hands-off approach, Reuters reported Thursday, March 1. Part of a speech quoted by various publications Thursday saw the Monetary Authority of Singapore (MAS) deputy managing director Ong Chong Tee note an “assessment” about possible new regulations of cryptocurrency in the city-state. “We are assessing if additional regulations are required for investor protection,” he said. The latest comments contrast with those of Singapore’s deputy prime minister Tharman Shanmugaratnam, who in early February 2018 told parliament that there were “no systematic risk concerns” posed by the phenomenon to the banking sector or wider economy. While Shanmugaratnam added authorities continued to “closely study” Bitcoin and associated assets, Shanmugaratnam made no mention of regulation being on the horizon.

Reference: https://cointelegraph.com/news/singapore-central-bank-assessing-need-for-more-cryptocurrency-regulation

No Strong Reason to Ban Cryptocurrency Trading

Following a keen study on cryptocurrencies and their trading by the country’s central bank, Singapore’s deputy prime minister has stressed there is no reason to ban cryptocurrency trading among residents. Tharman Shanmugaratnam, Singapore’s deputy prime minister and minister in charge of the central bank, was speaking at a parliamentary session yesterday when he fielded questions by three Members of Parliament (MEPs) about any potential ban of cryptocurrency trading in Singapore. The questions pointedly mentioned China’s ban on domestic exchanges and South Korea’s similar – but now debunked – hostile stance with local trading markets. Is “any action…being considered to ban the trading of bitcoin currency or cryptocurrency…?” was one of the questions posed.

Reference: https://www.ccn.com/no-strong-reason-ban-cryptocurrency-trading-singapore-deputy-pm/

Bitcoin Won’t Do a Lehman Collapse

In an interview with Channel News Asia, Sopnendu Mohanty – chief of financial technology at the Monetary Authority of Singapore, the country’s central bank, opined bitcoin will not cause a global financial crisis in the event of a price collapse. The central bank official insisted global regulators are “getting serious about this whole cryptocurrency market”, suggesting authorities would step in with regulations when bitcoin markets continue to grow globally.

In October, the head of Singapore’s central bank insisted that bitcoin itself didn’t need any oversight as a cryptocurrency. Instead, MAS chief Ravi Menon insisted a regulator’s focus ought to be on the abuse of cryptocurrencies for illicit financing and other illegal activities. “So, those [regulatory] requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself,” Menon said at the time.

Reference: https://www.ccn.com/bitcoin-wont-lehman-collapse-singapore-central-bank-fintech-chief/