Singapore will allow the circulation of cryptocurrency

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Singapore will allow the circulation of cryptocurrency
Singapore will allow the circulation of cryptocurrency

The Singapore authorities are planning to introduce a cryptocurrency into the economy of the country.

This was announced by Damien Pang, the head of the department on the ecosystem and infrastructure of the financial institution of the Monetary Authority of Singapore (MAS).

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MAS conducts a clear legal boundary between different types of cryptocurrency: security tokens, payment tokens, and utility tokens. Pang said that “MAS is closely following not only the underlying technology, but also their characteristics in the past, present, and future.” MAS does not intend to restrict blockchain and cryptocurrency, its actions are aimed at “regulating not the technology itself, but its tasks.”

In this regard, MAS plans to apply regulation only to means of payment (with economic characteristics) and security tokens, whereas utility tokens do not need much control, he stressed.

At the present time, Singapore is making every effort to win the first place among countries in the introduction of cryptocurrencies and other developments on the blockchain.

So in the spring, the Central Bank of Singapore and MAS made changes in the system of regulation of financial sites in order to facilitate the entry into the market of decentralized crypto exchanges (DEX).

In addition, it became known that the largest crypto exchange Binance will hold in Singapore a closed beta testing of a new trading platform with the support of fiat to the Singapore dollar exchange.

Another news – Singapore was the first state where they issued the first cryptocurrency debit cards and bitcoin-ATMs. The company Tangem released bitcoin-bills – hardware cold wallets with integrated chip S3D350A from Samsung.

Approving the attitude of MAS to the industry was once again confirmed a month ago when the management announced that it plans to cooperate with world institutions on the introduction of tokenized digital currencies.