Singapore wants to become a hub for cryptocurrency activities, the government is considering regulating the industry.

Singapore is attempting to establish an adoption-driven, pro-crypto atmosphere in the island country at a time when the crypto-space is seeing significant worldwide development. The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, expressed comfort that the city-state approached the crypto-space with an open mind before many other governments. Menon said cryptocurrencies are attractive for investment in the future, despite the lack of understanding on how the future of cryptocurrencies would develop. Currently, holding and trading cryptocurrencies are allowed in Singapore.

The Singaporean regulator encouraged other countries to enter the cryptocurrency industry, expressing an interest in further developing crypto and blockchain technology.

“We believe that the appropriate way is not to restrict or prohibit these activities. But, if Singapore does not participate in this game, I believe it risks being left behind. In a recent interview, Menon stated, “Getting early into that game means we can have a head start and better understand its potential benefits as well as hazards.”

Menon stated that the nation is working on a regulatory framework and tax structure for cryptocurrencies in order to gain maximum advantages.

“We want to be one of the major participants if and when a crypto economy takes off,” Menon added. “It has the potential to help create employment and value-add, and I believe that other sectors of the economy will benefit more than the banking industry.”

Elon Musk, the CEO of Tesla, recently stated that while governments postponing regulatory and legalization processes may hamper the progress of cryptocurrencies, these digital assets cannot be destroyed at this time.

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Meanwhile, the public’s perception of cryptocurrencies in Singapore appears to be improving by the day.

According to a survey by research firm TripleA, over 550,000 Singaporeans possess cryptocurrency, accounting for 9.4% of the country’s entire population.

DBS Group, Singapore’s largest bank, has also developed a platform to support digital token transactions.

Menon, on the other hand, has stated that Singapore still has to improve its cyber-security measures in order to protect the crypto-space.

According to recent research, the overall cost of crypto-related crime in 2020 would be about $10.52 billion (roughly Rs. 79,194 crores).

Scams and frauds, according to the same research, are a huge issue, accounting for 67.8% of overall bitcoin crime in 2020.

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