Singapore looking at rules for cryptocurrencies


SINGAPORE: Singapore’s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech.

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 in the area of investor protection,” Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore said. — Reuters

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