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.