Singapore looking at investor protection rules for cryptocurrencies

The city-state which is aiming to be a hub for financial technology and so-called initial coin offerings in Asia


Reuters March 01, 2018
A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. PHOTO: REUTERS

Singapore’s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech on Thursday.

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The city-state - which is aiming to be a hub for financial technology and so-called initial coin offerings in Asia - does not regulate virtual currencies and last year called for the public to exercise “extreme caution” over-investment in cryptocurrencies.

Its central bank does regulate activities involving virtual currencies if they pose specific risks. For example, it imposes anti-money laundering requirements on intermediaries providing virtual currency services.

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“We are assessing if additional regulations are required in the area of investor protection,” Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore said.

Other countries like South Korea, where trading in cryptocurrencies is more popular, are looking at ways to regulate that activity.

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