Singapore to Extend Regulatory Mandate Regarding Cryptocurrencies | Crypto News

The Deputy Prime Minister of Singapore has sought to clarify the nation’s stance on cryptocurrencies with regards to its money laundering authorized pointers. Speaking earlier this week, Mr. Tharman Shanmugaratnam emphasized that Singapore’s monetary regulator will no longer distinguish between cryptocurrencies and fiat currencies.

Furthermore Read: Singapore to Prolong Regulatory Mandate Relating to Cryptocurrencies

Singapore’s Deputy Prime Minister Updates Stance on Cryptocurrencies

With Singapore increasingly more being viewed as a doable poke space for cryptocurrency, companies searching for to wing the regulatory uncertainty presently linked with China, Singaporean officers are facing elevated scrutiny regarding the nation’s juridical equipment relating cryptocurrencies.

Earlier this week, Singapore’s deputy top minister and Chairman of the Monetary Authority of Singapore (MAS), Mr. Tharman Shanmugaratnam, sought to clarify Singapore’s anti-money laundering (AML) and countering the financing of terrorism authorized pointers (CFT) with regards to cryptocurrency. “When it involves money laundering or terrorism financing, Singapore’s authorized pointers make no longer create any distinction between transactions effected the exercise of fiat foreign money, virtual foreign money or other recent ways of transmitting tag.”

Mr. Shanmugaratnam emphasized that the MAS, Singapore’s monetary regulator and central bank, will no longer distinguish between transactions performed in fiat and cryptocurrency in searching for to put in power its AML/CTF authorized pointers, adding that all monetary institutions shall be discipline to the identical regulations. The MAS chairman also acknowledged that The Business Affairs Division shall be empowered to analyze and prosecute conditions concerning money laundering or terrorist financing.

Irregular Challenges Posed by Digital Currencies

The MAS chairman, nonetheless, identified that

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Original Source: Bitcoin News

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