Singapore has grand ambitions to become a global crypto hub

Singapore is looking to stay ahead as a financial hub by opening its doors to cryptocurrency-related business, though its regulators are still proceeding with caution. — REUTERS

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, which regulates banks and financial firms.