Singapore has no immediate plan to regulate cryptocurrencies but will remain alert to money laundering and other potential risks stemming from their use.
Ravi Menon, Monetary Authority of Singapore managing director in an interview with financial news agency Bloomberg said, «As of now I see no basis for wanting to regulate cryptocurrencies.»
Instead the country's regulator will look closely at the activities surrounding cryptocurrencies and consider what kind of risks they pose that would require a regulatory response.
Pushing The Envelope
Around the region financial regulators have been tested by the burgeoning waves and popularity of cryptocurrencies. China, Hong Kong Australia Korea and Malaysia have all put a line in the sand as to where they stand. Japan meanwhile has taken a different view meeting the problem head on.
If ICOs include the promise of a dividend or other economic benefits, they can resemble regular securities offerings and would therefore be covered by Singapore’s Securities and Futures Act, Menon noted in the interview. «We just have to look at them case by case to see which ones we will need to bring into the regulatory ambit, and which ones can stay outside,» Menon added.
