Singapore’s Central Bank Will Not Regulate Cryptocurrency

Singapore’s Central Bank Will Not Regulate Cryptocurrency

News law and legislation The managing director of the Monetary Authority of Singapore has signaled that the body does not intend to directly regulate cryptocurrencies. The Monetary Authority of Singapore’s (MAS) managing director, Ravi Menon, stated that cryptocurrency does not “pose [risks] that [warrant] regulation,” in an October 24 interview . He said that while anti-money laundering (AML) laws apply to “activity around cryptocurrency,” “very few jurisdictions regulate” the digital assets themselves. “Because it is a known fact that cryptocurrencies are quite often abused for illicit financing purposes,” he explained, his organization would expect an intermediary dealing in these […]