Singapore, a country that is already a financial centre in the world, is currently gunning to become a Cryptocurrency hub.
The state is seeking to plaster its role as a major player in the crypto space, this is suggested by the head of its central banking institution.
Councils in Singapore are taking giant stripes to lock its position as a prominent figure in the business of crypto, the official in charge of the Monetary Authority of Singapore(MAS) for a decade as declared in an interview.
This process comes as Singapore among other financial centres around the world is analyzing easy to govern the rapidly thriving sector.
According to Blomberg, the managing director of MAS, Ravi Menon started: “We think the best approach is to clamp down or ban these things”
The MAS which is the central banking institution of Singapore is saddled with the responsibility for establishing the rules for banks and financial firms.
The authority is also trying to introduce “strong regulation” for companies affiliated with cryptocurrency and also to allow those that meet its rules and adequately address the full range of associated risks to operating in the jurisdiction.
While talking conversely about the crypto space, Menon stated that crypto-based activities are the basis of an investment in the nearest future but currently such investment is not fully understood.
While attempting to attract a lot of crypto businesses, Singapore is contending with the likes of Malta, Switzerland, and El Salvador, among several others.
The race is a difficult one because the crypto industry has thrived with little or no regulations and at the same time, crypto players frown at government attempts to include limitations.
Earlier this year, MAS had stated that 170 firms had applied for payment service licenses, making the total of applications under Singapore’s payment Act from January 2020 to 400. However, only three crypto companies have since received a permit.
The director of MAS is confident that the advantages of a well well-regulated domestic crypto industry would be profitable beyond the financial sector. “If and when a crypto economy takes off in a way, we want to be one of the leading players,” he stated.
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