Singapore's Central Bank will create a regulatory framework for bitcoin payments

posted 2 months ago
The minister for the Monetary Authority of Singapore (MAS), the nation's central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments.

In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS "has been monitoring" cryptocurrencies such as bitcoin and ether, it has no intention of regulating them. However, certain peripheral activities will require a legal framework, he said.

MAS, he went on, is now working to create a new regulatory framework for cryptocurrency payment services, in order to ensure they are not misused for money laundering and terrorism financing.

In the statement, Shanmugaratnam clarified that, while MAS has yet to produce a targeted regulatory framework uniquely for ICOs, it will do so if deemed necessary.
Tags: bitcoin, news