Singapore took a step forward towards cryptocurrencies while national financial regulators discussed their openness to the emerging industry during the Singapore Consensus.
Singapore "Does not rule technology by itself [Its] Purpose"
It appears that the Singapore government has a well-crafted plan to introduce cryptocurrencies into their economy, according to TechCrunch.
The Singapore Consensus 2018 welcomed thousands of visionaries, entrepreneurs and cryptocurrency experts to discuss and create new links that could be the foundation of the industry's future. An essential element of the meeting was the speech given by representatives of the Monetary Authority of Singapore (MAS) regarding the future of cryptocurrencies in their country. It seems that the Singapore financial regulators are far ahead of many other developed countries with regard to their understanding of the industry and plans for the future.
The MAS makes clear discrimination between different types of cryptocurrencies: utility tokens, payment tokens and security tokens. Damien Pang, Head of FinTech Ecosystem and Infrastructure within MAS, said that "MAS carefully analyzes the characteristics of tokens, in the past, in the present and in the future, rather than just the technology developed".
No, the MAS will not limit blockchain or cryptocurrency, it is not intended to "regulate the technology itself but [its] purpose," according to Pang.
In addition, the authorities do not intend to impose regulations on all cryptocurrency products. While payment tokens (which have economic properties) and security tokens require some legal attention due to their nature, utility tokens do not require much control, Pang stressed.
Singapore has always been Asian Jewel
The most important city-state of South Asia has long been known to be at the forefront of the rest of the world in terms of education, entertainment, health care, tourism, but above all financial and technological innovation.
Maybe it's their sense of competition, or maybe just the pure will to deliver the latest progress to their citizens – but one thing is clear now: Singapore strives to be one of the first when it comes to cryptocurrency adoption and adaptation .
The cryptocurrency projects have been very receptive to their welcome approach and Singapore has become the destination where the first debit cards will be issued in cryptocurrency. In addition, the encouraging position taken by Singapore's Monetary Administration towards the industry became somewhat obvious a month ago, when the institution announced that it would collaborate with global institutions to introduce tokenised digital coins. .
The message transmitted by the representative MAS last week, therefore, comes as confirmation that "the most expensive city in the world" (according to The Economist) plans to implement cryptocurrency as a legitimate financial market.
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