TL;DR Breakdown
• The financial agency MAS creates laws for cryptocurrencies.
• Singapore approves crypto trading on national banks like DBS Group.
Singapore is creating policies in support of crypto trading. This would place Singapore, Japan, El Salvador, and the United States on the list of possible candidates to accept crypto trade laws.
The authority in Singapore aims to create laws for cryptocurrencies that domestic and foreign companies can use without problems. In this way, the country would focus on crypto commerce, replacing what was once China.
MAS in Singapore discusses cryptocurrencies
The financial agency in Singapore, MAS, led by Ravi Menon, has recently spoken about cryptocurrencies and their possible adoption. According to Menon, MAS would seek to take advantage of the crypto market and not regulate it as neighboring countries have done. Menon believes that cryptocurrencies are an investment for the future that should be studied.
Thanks to laws that strengthen crypto commerce, the nation is on the front lines of the crypto movement. Tax agencies have also adapted to crypto trading so as not to prevent progressive growth.
MAS is creating a strict law to ensure that companies comply with all the requirements to trade cryptocurrencies. According to the CEO of the financial agency, MAS seeks to develop a law that favors cryptocurrencies, but without forgetting the risks involved in trading with them.
Menon also points out that Singapore needs to improve security in this new crypto trade to prevent illegal transactions. The country attracts many crypto investors more than the capital city, starting with Binance Holding and Gemini. Both crypto trading platforms are allowed to operate in the country as long as they adapt to the established laws.
Requests to MAS increase in the country in Asia
In January 2020, the financial agency MAS created a law for companies that operate with cryptocurrencies. These companies have to register in a payment system. According to figures controlled by the agency, over 400 crypto companies have joined the cause to operate in the country.
However, many of these crypto companies in Singapore still await license approval, considering that the process is slow. Another handful of companies have withdrawn the petition due to legal problems or because they do not meet the requirements requested by the regulatory agency.
Some national reports indicate that large banks such as DBS Group have been approved for using cryptocurrencies, as have IBM and OCBC. Binance Holding is still on the lookout as it awaits the regulator hearing in Singapore. All these laws that MAS is creating for cryptocurrencies could make the country a powerhouse shortly.
