Monetary Authority of Singapore (MAS) Managing Director Ravi Menon has said that he is against either introducing more crypto friendly oversight or implementing the Japanese model of an obligatory regime for virtual currency exchanges, Bloomberg reported Tuesday.
Instead of going down one of those paths, MAS will help Singapore-based crypto companies to open bank accounts, Menon explained, as several of them have problems with that issue. MAS serves as Singapore’s Central Bank and market regulator for security offerings.
“We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business,” MAS’ Managing Director explained.
“What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach… Some of these [crypto] activities are indeed quite opaque. I w...
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