Singapore Still Lacks Crypto Legislation Despite Several Consultations
The Monetary Authority of Singapore (MAS) has yet to propose legislation to regulate cryptocurrency and blockchain in the city-state.
Contrary to popular belief that Singapore leads the world in adopting cryptocurrency, there is still no legislation to fully regulate digital assets in the city-state, according to local crypto exchange ABCC.
In an interview with Cryptovest, ABCC chief executive Calvin Cheng noted that despite several consultations with the Monetary Authority of Singapore (MAS), the market regulator has yet to enact rules regulating cryptocurrency in the country.
“There were several consultations by the MAS, but no legislation has been passed yet,” Cheng, a former appointed member of parliament in Singapore, replied when asked if the state is really keen on regulating blockchain and the digital currency sector.
ABCC was reacting to a recent report by TechCrunch, which said the small Asian nation may become the first country to fully embrace virtual coins as it takes a closer look at digital assets and the MAS favors an open-minded policy towards the emerging industry. The report went on to say the Singaporean government had a well-thought-out plan for integrating digital currencies into the economy.
But according to Cheng, state policy towards blockchain and digital assets is liberal at best. He added:
“As long as the current financial laws are not flouted, there exists a scope for innovation in the blockchain technology. This is undoubtedly progressive thinking on the part of the government. On the contrary, the cryptocurrency industry in Korea is strictly regulated.”
He dismissed suggestions that Singapore could become the first country to fully embrace virtual assets, saying there are no regulations to support it. Still, Calvin believes blockchain technology is reshaping the world.
However, several developments in Singapore make it an ideal destination for cryptocurrency traders and investors.
Bizkey, a blockchain-powered point-of-sales systems provider, launched last week a Token Day in Singapore to educate the public about digital assets and inspire people to use cryptocurrency while shopping so that the digital space can reach critical mass.
Bizkey co-founder and CEO Ken Huang stated:
"Although cryptocurrency was first invented ten years ago, very few people in the world have the chance actually to use it to buy products and services. We want to change this through Token Day, which will be the first time that retailers in Singapore will accept cryptocurrency as payment, on such a large scale.”