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Singapore to position itself as global crypto center, says regulator

Singapore is positioning itself as the world’s largest crypto hub, according to a senior official at its central bank. The city-state aims to attract more firms and talent within the space because it has “a good balance of business activity” with other industries like fintech.

Singapore is looking to position itself as the global crypto center, according to a new report. The country’s regulators are working closely with local banks and financial institutions to develop a regulatory framework that will allow them to provide services for crypto trading. Read more in detail here: singapore cryptocurrency regulation.

 

Bitcoin regulation varies greatly throughout the world: China has lately clamped down on major amounts of crypto activity, while Japan has just recently approved specialist cryptocurrency investment funds. On the other side, El Salvador has recognized Bitcoin (BTC) as a legal tender.

Singapore is trying to become the world’s capital for crypto-related businesses as financial capitals across the world strive to regulate the industry. According to Ravi Menon, general director of the Monetary Authority of Singapore (MAS), if the city-state had not had a head start on how to deal with cryptocurrencies, it would have been left behind.

“With crypto-based operations, it’s essentially an investment in a future that’s not obvious at this moment,” said Menon, who has led the MAS for roughly ten years.

Because of its openness to cryptocurrencies and the development of a regulatory framework that encourages their usage, the nation is at the forefront of this trend. In order to stimulate the industry’s expansion, the tax system has also been changed.

According to Menon, the MAS is putting in place “extremely tough legislation” to enable firms that satisfy its standards to operate and handle the myriad challenges to their operations.

To handle dangers like as illegal flows, Singapore must beef up its security procedures, according to Menon. From Binance Holding, which has had a number of regulatory conflicts throughout the globe, to Gemini, a US-based operator targeting institutional investors, the city-state has become a magnet for cryptocurrency startups.

Following the January 2020 implementation of the Payment Services Act, 170 companies filed for MAS licenses, increasing the total number of applicants to roughly 400.

Only a few bitcoin firms have received the coveted licenses since then, with two being turned down. After speaking with the regulator, around 30 applicants withdrew their petitions.

According to Cointelegraph, one of the firms that acquired the license was the DBS Group, Singapore’s largest bank and a pioneer in developing a platform for trading digital tokens and providing tokenization services. Other banks and technology businesses in the city-state have also joined on, including OCBC and IBM.

The “binance singapore” is a cryptocurrency exchange that is based in Singapore. Singapore is positioning itself as the global crypto center. The regulator of the country, called MAS has released a statement about the same.

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