Singapore Launches New Regime for Crypto, Payments Firms

Bakkt to launch cash-settled bitcoin futures next month. ICE Futures Singapore, will list Bakkt Bitcoin (USD) Cash Settled Monthly Futures contract, while ICE Clear Singapore will clear it, both regulated by the Monetary Authority of Singapore.

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Singapore proposes to regulate bitcoin futures

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Singapore proposes to regulate bitcoin futures

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What Happens If Singapore Decides To Regulate Bitcoin?

https://www.cryptaw.com/blog/what-happens-if-singapore-decides-to-regulate-bitcoin/
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Singapore Includes Bitcoin in Singular Regulation of Payments Services

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What will happen if Singapore regulates bitcoin

What will happen if Singapore decides to regulate Bitcoin?
At a conference, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), Singapore’s central bank, stated that the country has no intention to regulate bitcoin and the cryptocurrency market in the short-term.
In short, Ravi Menon shares the same sentiment as European Central Bank (ECB) President Mario Draghi, who as CCN reported, explained that the ECB has no plan for regulatory frameworks for the cryptocurrency market as of yet. Draghi emphasized that the ECB believes the bitcoin market needs to mature for the institution to consider regulating it.
Menon stated
“We’ve taken the approach that the currency itself does not pose the risk that warrants regulation. It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes, so we do want to have AML/CFT controls in place. So those requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself.”
What Happens if Singapore Starts Regulating Bitcoin?
Although Menon clarified that there will be no strict regulations for the Singapore cryptocurrency market yet, he reaffirmed that the MAS will continue to be “open minded” with cryptocurrencies. More importantly, Menon noted that if the MAS and the Singaporean government sees the need of regulating the bitcoin market, it will provide regulatory frameworks for businesses and investors.
As Menon explained:
“Our approach is to look at the activity around the cryptocurrency and then make an assessment of what regulation would be suitable.”
If Singapore decides regulate its cryptocurrency and bitcoin exchange markets, there exists a highly probability that along with Japan, Hong Kong, and South Korea, Singapore will evolve into one of the major bitcoin market. Consequently, Asia is likely emerge as the cryptocurrency powerhouse region, considering that Japan is accountable for over 46 percent of bitcoin trades.
If the MAS decides to regulate its bitcoin market, the Japanese government’s roadmap towards establishing a national program for cryptocurrency exchanges will very likely be implemented. Cryptocurrency exchanges will then receive licenses to operate as regulated financial service providers and will be treated fairly as legitimate financial companies within the country.
In the future, if the Singaporean government regulates its bitcoin market, there exists a high probability that traders from regions like China and Russia will migrate to the Singaporean market to trade and use bitcoin. Additionally, leading bitcoin companies such as India’s second largest bitcoin exchange Zebpay are already based in Singapore, due to the country’s friendly regulations for startups.
Reference:
https://www.ccn.com/happen-singapore-regulates-bitcoin/
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The Monetary Authority of Singapore is pressing ahead with regulation that will bring a handful of retail payment services, including bitcoin and cryptocurrency exchanges, under a single legislation.

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Singapore Includes Bitcoin in Singular Regulation of Payments Services

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How Bitcoin Works in 5 Minutes (Technical) AMPSingapore - YouTube The Bitcoin Group - YouTube The Regulation of Cryptoassets Monetary Authority of Singapore plans to regulate trading of cryptocurrency derivatives

The Monetary Authority of Singapore has granted an exemption from holding a license to a number of cryptocurrency companies operating in the country under the new Payment Services Act. Among the The Monetary Authority of Singapore (MAS) has announced the commencement of the city-state’s new Payment Services Act. The law mandates the implementation of a licensing regime that applies to Singapore introduced new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. Bitcoin Regulation in Singapore The Monetary Authority of Singapore, the country’s central bank, is pressing ahead with regulation that will bring a handful of retail payment services, including bitcoin and cryptocurrency exchanges, under a single legislation. With an assertion on tuesday, the financial authority of singapore (mas) launched the second consultation on its fee offerings bill, a… This may create liquidity for these products," David Gerald, president of the Securities Investors Association (Singapore), said in a statement.

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