Big dreams of becoming a global crypto hub

Easing restrictions: A representation of the virtual cryptocurrency bitcoin. The Monetary Authority of Singapore is against clamping down on crypto. — Reuters

SINGAPORE: Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centres around the world grapple with approaches to handle one of the fastest growing areas of finance.

“We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), which regulates banks and financial firms.