Singapore Central Bank Believes That More Cryptocurrency Regulations Are Needed

Singapore Central Bank is revising the existing cryptocurrency regulation. The Deputy managing director of the Monetary Authority of Singapore, Ong Chong Tee, announced, that, due to the recent changes in cryptocurrency market, new amendments to cryptocurrency regulation are needed. For now, the regulator is checking if additional measures shall be taken to protect investors.

These statements though are contrasting the last claims of the Singapore prime minister Tharman Shanmugaratnam, who has been insisting, that cryptocurrency market poses no dangers for investors. He hasn’t mentioned that the regulation is going to be developed.

Though, a chief fintech officer, Sopnendu Mohnaty said, that speculative actions of investors are endangering the cryptocurrency market, and as well the blockchain technology.

Some background information: for now, Singapore is the country, which has provided practically the most convenient environment for cryptocurrency. Singapore is even taken by other countries, such as Kazakhstan, for example, as a sample of the most positive crypto-environment.

 

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