Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said.“As of now I see no basis for wanting to regulate cryptocurrencies,” Monetary Authority of Singapore Managing Director Ravi Menon said in an interview.
Due to their unregulated nature, cryptocurrencies and the businesses that they have created occupy a grey area in Southeast Asia. However, they have undoubtedly become a major focus area for ASEAN businesses.This isn’t surprising, considering the advantages that cryptocurrencies bring to the table. Their adoption can reduce costs and increase security and convenience for both consumers and businesses.The cryptocurrency market is expected to see massive growth over the next six years.
Singapore banks have closed accounts of several companies which specialise in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.Noting that cryptocurrency firms have had similar problems with their banks in other countries, the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, asked the government to step in.“From our analysis, it appears to be common among leading FinTech hubs,” Access Cha
An IPO, or initial public offering, offers a chance to make big money quickly by getting in on the ground floor of the next new Google or Facebook. An ICO, or initial coin offering, offers a chance to make big money quickly by getting in on the next new money. It’s a formula that’s led to over two billion dollars being raised so far this year for a range of startups issuing digital tokens, a faster pace than any other early-stage venture capital funding.
One of the biggest bitcoin exchanges in China and the world announced Thursday that it would stop all trading following new Chinese government regulations clamping down on cryptocurrencies.The international value of bitcoin has plunged in recent days amid speculation that the Chinese authorities will shut down the trading platforms following last week's ban on initial coin offerings.BTCC – China's second bitcoin platform in terms of volume and the world's third largest – said o
China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the 150 billion dollars cryptocurrency market after the country outlawed initial coin offerings last week.The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private.
Earlier this week, the world was bombarded with unfavourable news about bitcoin. Chinese media outlet, Caixin, posted an article that said China is planning to shut local bitcoin exchanges. If the report is true, this would be the PBoC's (People’s Bank of China) second move against cryptocurrency in less than a week. The bank declared ICOs (Initial Coin Offerings) illegal on September 4, 2017, which caused bitcoin prices to fall seven percent on September 8, 2017.
As the world grows smaller and connected, many organisations and individuals become highly depended on technology-based interfaces for various financial services including banking, payments, money transfers, fund-raising and asset management. The impact of technology on finance is changing the world as we speak and FinTech (financial technology) is at the forefront of the next global revolution - leading to greater overall efficiency and productivity.