Tech

Singapore Plans to Become Magnet for Crypto Activities, Government Mulls Regulating Crypto Space

At a time the crypto-space is witnessing a speedy world growth, Singapore is planning to create an adoption-driven, pro-crypto local weather within the island nation. Ravi Menon, the managing director of the Financial Authority of Singapore (MAS) has expressed aid that the city-state saved an open thoughts across the crypto-space earlier than many different international locations. Regardless of missing readability on how the way forward for cryptocurrencies would unfold, Menon mentioned cryptocurrencies are articles for funding within the potential future. At present, it’s authorized in Singapore to carry and commerce in cryptocurrencies.

Expressing an curiosity in additional growing the crypto and blockchain applied sciences, the Singaporean regulator suggested different nations additionally to enter the cryptocurrency house.

“We expect the most effective method is to not clamp down or ban this stuff. However to not get into this recreation, I feel dangers Singapore being left behind. Getting early into that recreation means we are able to have a head begin, and higher perceive its potential advantages in addition to its dangers,” Menon mentioned in a latest interview.

The nation is engaged on a regulatory framework and tax regime round cryptocurrencies so as to have the ability to reap most advantages, Menon added.

“If and when a crypto financial system takes off in a means, we wish to be one of many main gamers,” Menon mentioned. “It may assist create jobs, create value-add, and I feel greater than the monetary sector, the opposite sectors of the financial system will probably acquire.”

Lately, Tesla CEO Elon Musk had additionally mentioned that whereas the development of cryptocurrencies may be slowed down by governments delaying regulation and legalisation processes, these digital property can’t be destroyed now.

In the meantime, the general public sentiment round these cryptocurrencies in Singapore appears to be getting trendier by the day.

As per a report by analysis agency TripleA, over 550,000 Singaporeans — making up 9.4 % of the nation’s complete inhabitants — are crypto-owners.

The nation’s largest financial institution DBS Group has additionally created a platform to facilitate digital token transactions.

Menon nonetheless has highlighted that Singapore nonetheless must work on finetuning its cyber-security options to safeguard the crypto-space.

A latest report has revealed that the entire crypto-related crime in 2020 has amounted to round $10.52 billion (roughly Rs. 79,194 crore).

The identical report additionally highlighted that scams and frauds are a serious downside, which made for 67.8 % of the entire cryptocurrency crime in 2020.


Considering cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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