Singapore won – t verbod cryptocurrency trading, but be warned of the risks: Tharman

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Singapore won - t ban cryptocurrency trading, but be warned of the risks: Tharman

It is an inherently unstable, high risk spel.


25 November 2018 – 29 April 2018, –

01 April 2018 – 05 May 2018, –

Various locations te S’pore

05 May 2018 – 06 May 2018, –

Singapore Sports Hub



Depending on who you talk to, cryptocurrency is either the greatest, most profitable commodity on the market, or a massive bubble just waiting to burst.

No plans to kerkban

But the petite yet vibrant crypto community ter Singapore don’t have to worry about getting shut down.

According to Deputy Prime Minister Tharman Shanmugaratnam, the authorities have no plans to kerkban cryptocurrency trading.

Ter a written Parliament reply on Feb. Five, he said:

“The Monetary Authority of Singapore (MAS) has bot closely studying thesis developments and the potential risks they pose. Spil of now, there is no strong case to kerkban cryptocurrency trading here.”

However, he warned everyone that the authorities were watching this fresh currency trading very closely, and they would have no hesitation on coming down hard on anyone who violates the law.

“But wij will be subjecting those involved spil intermediaries to our anti-money laundering regulations. And wij will keep highlighting to Singaporeans that they could lose their shirts when they invest money ter cryptocurrencies.”

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Illicit transactions

Tharman emphasised three areas of concern when it came to cryptocurrency trading:

  • Money laundering
  • Financing of terrorism
  • High-risk investment

He pointed out that spil crypto transactions are anonymous, payments are decentralised and they take place at excellent speed, it is firmer for the authorities to track the movement of funds used for criminal purchases.

The Monetary Authority of Singapore (MAS) will impose its anti-money laundering and counter-financing terrorism framework on cryptocurrency trading, the same spil other currencies.

Thesis fresh laws will be included te the proposed Payment of Services bill.

You could lose your T-shirt

But that’s not the only risk involved. Tharman also spoke of the risks inherent ter currency speculation:

“Cryptocurrencies such spil bitcoins are a very high risk investment, subject to acute swings te prices driven by speculation. They are also mainly traded on opaque markets, with no regulatory protection for investors. The big fall ter bitcoin prices ter latest weeks illustrates the risk.

But people voorwaarde also beware of the marketing pitch by operators, encouraging them to waterput more money into cryptocurrencies when prices fall, ter the hope of making money if prices surge again. It is ter fact an inherently unstable, high risk spel.”

But it wasn’t all negative, spil he also pointed out the potential of the underlying technology behind cryptocurrency trading, blockchains and distributed ledgers:

“We will proceed to encourage experiments te the blockchain space that may involve the use of cryptocurrencies, because some of thesis innovations could turn out to be economically or socially useful.”

Blockchain explained for noobs:

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Top photo from Group30 and Pixabay.

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