The Singapore government, through its central bank, the Monetary Authority of Singapore (MAS), has initiated few projects to help the money related innovation (fintech) industry. One of the activities is the allotment of S$225 million ($166 million) for the advancement of fintech projects and applications
The city-province of Singapore is gradually turning into a favored location for Blockchain startups hoping to launch an Initial Coin Offering (ICO). The nation has for quite some time been the center for new companies because of factors such as tax-friendly regulations, light-touch standards, and state financing. The state has facilitated various fruitful ICOs before.
Singapore Regulating Blockchain and Cryptocurrencies
The Singapore government, through its central bank, the Monetary Authority of Singapore (MAS), has initiated few projects to help the money related innovation (fintech) industry. One of the activities is the allotment of S$225 million ($166 million) for the advancement of fintech projects and applications.
In addition, the central bank has developed a tokenized version of the Singapore dollar under the name “Project Ubin”. The token is accessible on an Ethereum-based Blockchain. The project plans to make a practical alternative option to the nation’s interbank payments arranged by means of tokenization and Blockchain innovation.
In the meanwhile, the MAS has additionally has taken various steps to control cryptocurrencies I order to protect ICO projects and investors. All these proactive steps by the MAS will ensure its reputation as a financial hub and at the same time keeping a check on money laundering activities. By staying ahead of the curve, Singapore will keep its investors protected while giving people more opportunities to invest.
According to MAS, virtual currencies have evolved to have a wider use case such as tokens & securities.
MAS also Stated:
“The function of digital tokens has evolved beyond just being a virtual currency. For example, digital tokens may represent ownership or a security interest in an issuer’s assets or property.”
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