Regulation of Bitcoin & Co: Singapore is making progress

Singapore is the adaptation of Bitcoin and other crypto-currencies advanced. A presentation by representatives of the financial Supervisory authority Monetary Authority of Singapore (MAS) was confirmed recently at the conference in Singapore Conensus 2018. Singapore is ahead of other countries in matters of crypto-regulation.

Especially when it comes to Blockchain technology, is Singapore noticed in the past is positive. So it was the island in front of Malaysia, which focuses on the benefits of the technology, in order to strengthen the sea trade on China’s silk road. Here it is, the E-Government provider Crimson Logic, has brought the block chain-based platform “Open Trade Blockchain” on the way. Also, as a member of the Global Trade Connectivity Networks Singapore works with it, the Blockchain-technology in society. In addition, Singapore is aiming for currencies to a greater adaptation of Crypto.

But it needs sensible regulation. This is in Singapore on a good way, was recently at the Singapore Consensus 2018. Representatives presented namely, the basic traits of a regulation in an official document of the government noted.

The Monetary Authority of Singapore (MAS) distinguishes between different types of crypto-currencies: Utility Token, the Payment Token and the Security Token. Damien Pang, head of the FinTech Ecosystem and Infrastructure within the MAS, said at the event that

“the MAS takes on the properties of the Token in the past, in the present and in the future, under the microscope, and not just the technology.”

Thus, the authority attempts “to regulate the technology itself, but[their] purpose,” says Pang.

Singapore regulated with exceptions

In addition, the authorities do not plan according to Pang, to lay down the rules for all of the crypto-currency products. While payment tokens (which have economic characteristics) and security token require, by their nature, a certain amount of legal attention, require Utility-Token not so much of control, stressed Pang, according to TechCrunch.

In order for Singapore creates currencies to be an important basis for the adaptation of Bitcoin and other Crypto-and has good chances to position themselves in Asia.