Showing posts with label singapore. Show all posts
Showing posts with label singapore. Show all posts

Singapore Announces New Cryptocurrency Regulations Set To Go Into Effect June 2020....

The Monetary Authority of Singapore (MAS) plans to regulate the trading of cryptocurrency derivatives, such as Bitcoin futures. It outlined the proposed changes in a consultation paper. The move aims to reduce the rising interest in cryptocurrencies from retail investors. MAS said the proposed regulations on the trading of payment token derivatives could soon be regulated under the Securities and Futures Act. The new measures are expected to kick in from June 2020.

Video Courtesy Of CNA

Singapore cryptocurrency traders wake up to a surprise...


The Singapore cyrptocurrency world was rocked today, with firms facing sudden closure of their accounts.

Monetary Authority of Singapore, (their official central bank) stated it was a commercial decision taken by the banks themselves, and that they are not involved in such account closures “including those in relation to the establishment and termination of business relationships.”

Yusho Liu, co-founder of CoinHako released a statement explaining the tough position they find themselves in “We understand that banks also have their concerns on anti-money laundering and know-your-customer issues,” and “We do not fit anywhere in the current regulatory framework.”

Their bank (DBS) has declinded to comment on this specific case, but stated however “We remain open to exploring banking relationships with companies working with cryptocurrencies”.

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Author: Adam Lee
Asia News Desk